back in january, DH and i put money down on a house that will be built starting in may. when we were in the discussion/putting earnest money down stage, we told them that DH was a FT student, only working PT and had military disability income coming in, but that DH would be able to have a FT job come july or august when he finished school. they said that it was fine and they could work around it and that we just wouldnt be able to close until the end of august - which is fine by us.
well, i get a call from the sales consultant today saying that they need a job offer letter from my husband asap because they want to make sure we were able to buy the house before they started to build it. i have talked with several people in the finance department, etc, and have told them all the same thing, and they in return have told me not to worry and that as long as we had a pay stub 30 days before closing that was all that mattered.
now, we are at a loss, and dont know what to do, or what will happen. is there anything we can do about this? i sent an email to the sales consultant and she has yet to email me back, so idk if she is ignoring me, or busy, or what, but this is very frustrating.
sorry for the mini rant, but we were/are looking so forward to finally have our OWN place ![]()
Re: Did we get our hopes up for nothing?
Are you working? Can you finance on your income alone?
A PT job and disability income will not qualify for most new construction ----at least in my area. What kind of work will your DH be doing when he graduates and what is the job market like? Has he started looking for a job yet?
Does your DH have a job lined up for once he finishes or you are just speculating he will have one by then? DH was a full time student working PT when we first looked at the place we currently own. They wanted us to wait until he had 2 months of pay stubs full time (he was getting close to graduating and it was a new building with lots of units available. No construction involved). Another new build we looked at would build if we had the job offer in hand but the lenders wanted 2 months of pay stubs once he switched to full time before closing. It was a huge hassle with him being PT even though he would be switching to full time at his same job upon graduation.
I'm sure they will need minimum of a job offer to start building and then proof of pay stubs to close... they can't know for sure he is going to get a job, it could take awhile for him to get a full time job when he finishes.
Currently we are trying to sell our place and buy a place we have a contingency offer in on. They are willing to build before we sell but any upgrades have to be approved by the builder (they will only let us choose stuff they know they can re-sell) and we risk losing the money we put down for upgrades - that won't be refundable if we don't sell. I'm not sure how much customization is involved in your place but I'm sure they want to be sure they can re-sell it if you can't close for whatever reason (DH doesn't graduate, doesn't get a job, etc.)
I think the important question is does he have an offer or are you "hoping" he gets a job after graduation? If he has an offer, just call the recruiter for the company and get it faxed over. If he doesn't have a job yet, can you make the payments on the income you have now?
Underwriters are so picky that DH and got caught in a catch-22 because his contract is ending on June 30 and restarting (at a 2.5x higher salary!) on July 1. Same employer. The bank refused to use his old income because it is "ending" and would not use his new income unless we close within 60 days of July 1. Plus, he needed to get his contract rewritten by HR because the bank wouldn't accept any contigencies in it (most just legalese, but still.) Underwriters are TOUGH. They won't just approve your loan with the promise that YH will have a job in the summer.
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