Question About the Loan Process

Updated on July 17, 2008
M.S. asks from Cleveland, TX
4 answers

Okay so here goes... my husband wants to switch jobs but before he did this we wanted to purchase a home to accommodate our growing family. We wanted to do this because we thought we could get a better loan with job security and because his new job he would not be receiving a salary (although its more money). We found a home and we are getting it appraised tomorrow, we are suppose to be closing on the 22nd of this month. The thing is hubby is worried because he has to have contracts renewed by friday and turn that in to his manager, this is the first time they have required this. His clients are not renewing because they are going with him to his new place. This will become very obvious that he is leaving if he doesn't turn in his renewals. (they already have an idea that he is leaving)The thing that we are worried about is our loan falling through if he gets fired by friday, he just wants our house to close before he gives them his notice. He doesn't care about the job its the house that we are worried about. Does anybody have any thoughts on this. Do they verify your job again after the house is appraised? We already got approved. Can the company call the loan people and tell them he no longer works there? They know we are purchasing a home, but do not have a direct number. Hubby was thinking about just calling in and saying that we have a family emergency and have to leave the country. I don't know about that though. (by the way this is some pretty bad people to work for so we are not being shady) I hope this made sense.

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D.E.

answers from Houston on

It truly depends on the Lender. Both people who have reponded are correct - they do check your employment, accounts and credit prior to closing and if anything changes they will postpone the closing and possibly cancel the loan. But if he has been in the same job for over 5 years and he is moving to another company in the same industry a letter may work. It dependeds on the underwriting guidelines. I recommend you speak with the loan officer and ask if the guidelines allow for a job tranfer within the same industry. If you have any other questions feel free to contact me I worked in that industry for about 11 years. Good luck, and congrats on the new house and the better job for your husband :0)

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G.H.

answers from Houston on

Make no changes if you can. Yes the loan can be checked at the last min. You want every thing to stay the same until after closing/Funding. That includes no major purchases (like furniture, car). Hope this helps.

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C.S.

answers from Houston on

I am a loan processor and work from home and office processing loans and I can tell you that more then likely the lender will do a verification on employment before the loan closes. Is this a FHA or Conv. loan and which lender are you using, maybe I can help.
You can email me directly at [email protected]____.com

S.D.

answers from Dallas on

congrats on finding a new home! :) We went through Quicken Loans and LOVED the guy we worked with. My hubby was switching jobs at the same time as we were closing on our home. he just needed a letter from his new employer, etc. Contact me personally if you want additional info on who we worked with etc. GOOD LUCK!

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