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Home Purchase Question
Posted on 5/2/13 at 12:05 am
Posted on 5/2/13 at 12:05 am
My wife and I are looking to close on a new house soon, but there is a rumor that there will possibly be some layoffs within her company that would be announced before our closing date.
The payments are not an issue for a number of reasons, but is there a possible issue with closing if there is an announced layoff when the underwriter does the employment verification?
Will the underwriter be informed of this future layoff, or if we close before the layoff actually happens would we be ok?
The payments are not an issue for a number of reasons, but is there a possible issue with closing if there is an announced layoff when the underwriter does the employment verification?
Will the underwriter be informed of this future layoff, or if we close before the layoff actually happens would we be ok?
3
Posted on 5/2/13 at 1:23 am to bwm14
A better question is why you're buying a house when your wife is about to be laid off.
Posted on 5/2/13 at 6:54 am to bwm14
As long as you close while your wife is still on the payroll you should be fine. They won't say something like, "Yeah she works here but not for long!" They'll simply verify that she works there.
If her income is not necessary for the loan, why not just leave her income out?
If her income is not necessary for the loan, why not just leave her income out?
This post was edited on 5/2/13 at 6:55 am
Posted on 5/2/13 at 8:25 am to bwm14
If your income alone will allow you to get the loan, you don't even have to include her employment info. The only reason to include her would be if her credit score is way above yours.
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