cancel
Showing results for 
Search instead for 
Did you mean: 

is all lost at this point? is there any possibility for us.

tag
Anonymous
Not applicable

is all lost at this point? is there any possibility for us.

I'm sick to my stomach at this point and need the help of you guys.

 

We've been in process of buying our first home under my husband only. Pre-approval done, found house, made offer, everything accepted - withi a condition of $1550 repairs that Fannie Mae will pay for in order for the home to go FHA. The underwriter reviewed all our documents, verified my husbands employment, and finally verified our funds in our account, Everything good, and signed off.

 

Its now being sent to the listing agent so that the repairs can be made, and we're set to close on the 7th, just a week away. Then the worst happens, my husband loses his job. Now what? Is that it? All this work and money for nothing now? He has a job interview tomorrow within his same field, but there's no way he'd have a paycheck in a week even if he started tomorrow.

 

Please tell me there is something we can do.

Message 1 of 11
10 REPLIES 10
ShanetheMortgageMan
Super Contributor

Re: is all lost at this point? is there any possibility for us.

Sorry to hear your husband's job, hopefully he finds new employment quickly.  Unless he has a job contract (not an offer, but a contract) he'll very likely need to start a new job and receive a paycheck (if you are going FHA you will need a paycheck stub showing he's received  30 days of pay).  I've been able to get exceptions done when the payroll department will print out a paycheck stub ahead of time, and then followed up with the actual paystub, but that'd be pretty rare.  Can you qualify without his income?

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 11
llecs
Moderator Emeritus

Re: is all lost at this point? is there any possibility for us.

Sorry that happened, OP! At least it didn't happen right after you closed.

Message 3 of 11
Anonymous
Not applicable

Re: is all lost at this point? is there any possibility for us.

Thanks both of you. I can't qualify on my own because of my employment time isn't long enough.  Though I could afford the payments of the mortgage on just my paycheck.  (Our rent right now is $800 and our mortgage would be $440.) So we would have been fine if this had happened after closing.

 

He was just offered a position yesterday, thank goodness, and has another interview for tomorrow. We spoke to the underwriters and they said that if they can verify his employment and have a paystub we'll be fine. Now we're just hoping Fannie Mae will accept an extention for closing to get the paystubs.

 

Fingers crossed.

Message 4 of 11
mamahearts
Frequent Contributor

Re: is all lost at this point? is there any possibility for us.

Oh my gosh.  I'm so sorry that happened to you.  I wish you all the best. 

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26
Message 5 of 11
lpayton
Regular Contributor

Re: is all lost at this point? is there any possibility for us.

Fingers, toes, paws, whatever crossable thing I have is crossed!!!! Smiley Very HappySmiley Wink

 

Message 6 of 11
ShanetheMortgageMan
Super Contributor

Re: is all lost at this point? is there any possibility for us.

Hope it works out for you, I'd think the seller/Fannie Mae would allow some more time given the circumstances.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 7 of 11
Anonymous
Not applicable

Re: is all lost at this point? is there any possibility for us.

What a roller coster ride this has been. For the past year or so, I'd read horror stories of home buying and closing issues that had arisen at various stages - but nothing could have prepared me for this bi-polar trip!

 

In the past few weeks it's literally been an every other day occurance of "ok, we're getting the house'" to the next day, "nope, it's not going to work." Hurdle after hurdle that we've jumped to make this happen. 

 

So an update, and hopefully, this one sticks, lol.

 

We found out my husband has a probation period for his new job, which meant they couldn't verify his employment till after the 90 day period, aka, once again, no loan. I, at this point am so worn out and beaten by this whole experience and my pregnancy am ready to curl up in bed and call it a year. My husband on the other hand, calls my parents to let them know, who have been an amazing supportive team through all this, and my dad says, "can we co-sign?" "would that change anything."

 

It's not what I would have preferred, but I'm to have parents that not only would stand up and back us with this, but have the financial standing to do so. Our lenders got their file today, and should have approval this friday or monday at the latest. We have a contractor on standby for the required FHA repairs as soon as we have it signed and should close at the latest on the 30th.

 

If everything goes through, this 4 month nightmare will be over, thank god the house would be ours, cause I can't foresee wanting to go through the homebuying process for a very, very long time.

 

Thank you everyone for your support, feedback and information whether direct or indirect.

Message 8 of 11
doublespaces
Frequent Contributor

Re: is all lost at this point? is there any possibility for us.

I think once you have your jobs back normally, wouldn't you be able to get your parents removed somehow?

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
=============
Amex: Zync, Gold Delta
Discover More
Chase Slate
Discover More
Message 9 of 11
Anonymous
Not applicable

Re: is all lost at this point? is there any possibility for us.

We will, absolutely. The goal is to do the cosmetic updating the house needs, (refin hardwood floors, painting, etc) and doing a refi when we can. 

Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.