Good luck to you, I hope you can make it work out.
Your earnest money may be at risk at this point as well. Get advice from your lender, your real estate agent and perhaps an attorney as to what you should do at this point.
A lender will also do a verification of employment pretty close to closing. I've also heard of lenders even having buyers sign a document that their company has not suggested upcoming layoffs.
This is tricky and be very cautious how you proceed. A lawyer's fee woudl be money well spent. If the seller has just accepted the contract today, in fairness to them the sooner they know this the better for them as well.
Best of luck.
However, keep in mind that even if the lender does not re-verify employment when you close, you still will have to re-sign an entire new set of loan docs which will still have your employment info on it as was stated when you applied. Signing those docs could put you at risk of commiting mortgage fraud. The lender could at the very least call the loan and make it due - putting you at risk of losing the home.
If his income is what is making it possible for you to qualify for the home and he no longer has it, then you need to wait until you can qualify to go forward with your purchase. If you are doing an FHA loan, keep in mind that you can add a non-occupant co-borrower to help with income and keep your approval intact.
Contact your loan officer and discuss it. He/she is the middleman between you and underwriting and he will help you determine what the path of least resistance is.
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And quite honestly, even if he gets another job, in the meantime... that still may mess up your loan, as most lenders like to see some stability in employment... oftentimes 2 years of employment at the same job.
As others have said before me... trying to deceive your lender could be considered fraud, and is a federal offense. Do not try to mislead your lender. It's a bad idea.
I just answered you question about inspections, and as you can see by the other answers communication is the key. Speak to your lender and your agent. I'm sure they have both seen this situation before. The good new is, if you haven't passed the inspection resolution date you should be able to walk away from this contract without losing your earnest money.
Call your lender ASAP and make them aware of the situation. Your lender may be able to qualify you for the loan based on just your income. If they can't then you may have to back out or do a loan that permits a cosigner. Otherwise, you can't buy a home that you cant afford.
The sooner the better, because if you wait you could be subject to losing your EMD and any money shelled out for inspections,appraisals, etc
Sorry to hear about the situation, but there are a lot of people in your shoes right now. Best of luck in figuring it out
If you don't take care of this right away, you will be in jeopardy of losing your earnest money, losing the home, and/or committing mortgage fraud. You will have to sign a final loan application at the closing that will include the employment information that got you approved in the first place. If you sign the application with that information on it, then you could be prosecuted for loan fraud. If you need your fiancee's income to qualify for the mortgage, you won't be able to afford the payments without it. If you say you can't sign it, then the loan won't close, you'll lose the home, and you'll lose your earnest money.
As I said, the best thing to do is to talk to your lender and Realtor as soon as possible to find out what your options are. Good luck!
There is a very good chance your lender will call your fiances employer the day of closing to make sure he still has a job. The same with yours. Its called a VOE, verification of employment. If your contract is still prior to the loan commitment deadline, i would strongly suggest you communicate with your agent or lender on this to see if this will affect your loan. If so and you havent passed the loan commitment deadline, you can get your earnest money back and terminate due to inablility to obtain financing. You are risking your earnest funds otherwise.