Financing in 05401>Question Details

Jane, Home Buyer in Burlington, VT

Just lost my job. My Fiance and I are supposed to close on a house in Sept. Will we still get financing if I get a new job with no salary history?

Asked by Jane, Burlington, VT Tue Jul 19, 2011

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Debra (Debbie) Rose’s answer
Jane - so sorry about your job loss...........

The best person to have answer this question for you is.....your on mortgage lender......call him or her tomorrow!

Best wishes...........
0 votes Thank Flag Link Tue Jul 19, 2011
Jane,
Is your income required to qualify for the loan? If your fiancé’s income is sufficient you may be okay. If not, get back to work in the same field as quickly as possible. As Shane indicated if you are W2'd your chances are better. If you rely on commission or bonus income or become self employed this will be more complicated.
0 votes Thank Flag Link Tue Jul 19, 2011
Also, not sure if you've run the numbers, but it could be possible your fiance could qualify on his own.
0 votes Thank Flag Link Tue Jul 19, 2011
It depends on a variety of factors, but if you were W-2'd, and the new job you'd be W-2'd at and are paid salary or hourly, then you should be OK using the new job and it's income to qualify. If the new job you'd make commission, bonus or overtime income, then you'd need to have a 2-year history of that in order for that portion of the income to qualify. If you are going to be starting a job where you are 1099'd, like a contracting position of some sort, then a 2-year history of being paid that way (contracting/1099'd income) would typically be required.

As far as time on the new job, you should just need to have received 1 paystub, but some lenders may want you to have a paystub reflecting you've received 30 days of pay. If the job gap is longer than 60 days, then you should be prepared to write a letter of explanation, but if your credit is good & debt to income ratio is in line then it still should be just fine. If your credit isn't so good, and your debt ratio is high, then after an absence longer than 60 days you may see some lenders wanting you to be on the new job for 6 months.

Sorry to hear about your job, hope you can find something new & better soon.
0 votes Thank Flag Link Tue Jul 19, 2011
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