Buying A Home
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Mortgage Q

Hello,

 We are trying to buy a place and doing a contract, we have a problem maybe some can help.

When  we applied for a pre approval (my husband and I) for a mortgage i had a job, now 4 weeks later my company is waiting to sign some contracts with some of the companies that we will do work for and put some of us on a temporary leave, which means we are employed still and will be back to work as soon as the contract situation is finished. So my Q is i gave our broker my pay stubs before do you think it will be a problem now? And if so what can we do in this situation?

 

Thank you :) 

Re: Mortgage Q

  • You need to inform your broker of the situation.  He/she can help you find a lender that is willing to work with your situation and what letters/documentation you will need.
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  • imageJustinlove:
    You need to inform your broker of the situation.  He/she can help you find a lender that is willing to work with your situation and what letters/documentation you will need.

    Ditto.  If you need your income to qualify, you will need to show 30 days of paychecks and employment to go through underwriting in order to close.  If you don't need your income then I would take to your broker about just removing you from the qualification.

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  • Thank you,i was very scared. We found a home and i want everything to go through. We do need me to be part of mortgage so if i am not then we wont get approved. So since i am still employed and waiting for some contracts to be signed to go back to work, i hope it will be fine.
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