What does currently employed mean? I was approved for mortgage. I'm a teacher and lender has now denied me the ability to close because my contract

Asked by shebzel, Oklahoma City, OK Sat Jun 28, 2014

ends in August. I'm currently under contract through August. However my lender is demanding that I get another Teacher Contract ASAP if I would like to close on this house. Help??

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4
Annette Law…, Agent, Palm Harbor, FL
Wed Jul 23, 2014
Please name the lender so we can protect teaches who want to buyer in the future.
0 votes
Melissa Dana, Agent, Oklahoma City, OK
Wed Jul 23, 2014
The loan is for 30 years and your contract is not. They want to ensure that you will be able to make the payments for more than 3 months. If you plan to stay at the school you might talk to them about a new commitment?

Good luck
0 votes
Josh Barnett, Agent, Carney, OK
Fri Jul 4, 2014
Discuss this with your lender, receiving the information directly from the source is always best.
0 votes
Christopher…, Agent, Tarrytown, NY
Sun Jun 29, 2014
They want to know that you are going to have employment after August. what if the school doesn't renew your contract? Then you are un-employed and the bank worries about that.

Chris
0 votes
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