Closing on home, lost job.

MrsSept13

Hey all, we've recently been trying to purchase a home. We're just waiting on USDA approval and will be closing this Thursday the 15th at 2 pm. Just yesterday my husband was laid off. Now, the current loan is only taking my wages into account because he was part time, and we can still afford this home with his lay off. My worry is that we won't be approved or be able to close in time. We have to be out of our rental by February 1st. Should we tell the bank or keep it quiet since it's not affecting us financially and my husband's wages weren't even factored in?

mrsegan13

Can they "keep it quiet?" I'm sorry about your husband's job...I would just do everything to assure them that you can afford the house payments. 

jtmh2012

If you didn't report your husbands income when applying for the loan, I wouldn't think it should be an issue.  If his income was being used to show you could afford the loan, then it'll be an issue.

OtterJ

When you sign papers at closing, you are going to have to confirm that all of the work & financial information that you provided when you applied for the loan is still true and correct. 

If you did not provide any of your husband's job information, or earnings to apply for your loan, then you shouldn't worry that it will affect your loan approval.  If it wasn't a factor to begin with, then it won't change anything at all. 

HOWEVER - you still need to let your loan officer know that his employer has changed.  Even if his financial information wasn't factored in to the loan, it is possible that somewhere on a document, his employer might be listed (I doubt it, but just in case), and that information will need to be updated BEFORE closing.  It's better to be safe, than sorry, and you don't want some silly hiccup to delay your closing at the very last minute. 

Xstatic3333

OtterJ said:

When you sign papers at closing, you are going to have to confirm that all of the work & financial information that you provided when you applied for the loan is still true and correct. 

If you did not provide any of your husband's job information, or earnings to apply for your loan, then you shouldn't worry that it will affect your loan approval.  If it wasn't a factor to begin with, then it won't change anything at all. 

HOWEVER - you still need to let your loan officer know that his employer has changed.  Even if his financial information wasn't factored in to the loan, it is possible that somewhere on a document, his employer might be listed (I doubt it, but just in case), and that information will need to be updated BEFORE closing.  It's better to be safe, than sorry, and you don't want some silly hiccup to delay your closing at the very last minute. 

This. I doubt it will be an issue but it's better that they hear it from you. They called my employer the day before closing to confirm my employment, although my income was considered.