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Job loss and USDA loan?


Job loss and USDA loan?

So I have some sad news. I found out recently that my last day of work is friday. However I will be getting paid through until next thursday. We were supposed to close on our USDA guaranteed loan last wednesday and we are still yet to hear anything. I did get very lucky and already have a new job lined up I will start next friday with an increase in pay. We have notified our LO and we are just waiting to hear back to see what we need to do next if theres anything we can do. I am just so worried we are going to lose the house now and I am so heartbroken. I am just wondering if anyone has been through the same thing or something similar?

Message 1 of 6
Frequent Contributor

Re: Job loss and USDA loan?

You did not "lose" a job, you "upgraded" your job. Congrats!

Message 2 of 6

Re: Job loss and USDA loan?


Is this a good thing? I am completely mortified because I feel like losing my job is going to affect us getting the house? The new job is at a completely different location unrelated to my current job. I have read that they will probably need 30 days worth of paystubs? I just feel like we have already been waiting so long already and so ready to have our house! But if we have to wait another 30 days or so then so be it Smiley Happy

Message 3 of 6
Regular Contributor

Re: Job loss and USDA loan?

I don't think you should be embarrassed for losing your job. It is happening to a lot of people right now. I do think they will require 30 days worth of pay stubs from your new job though. And I'm sure they would like the increase in income. Good luck, hang in there.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Message 4 of 6
Frequent Contributor

Re: Job loss and USDA loan?

I am sending out positive vibes and praying that your story will have a happy ending.  Please give a update on how things go.

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Message 5 of 6
Valued Member

Re: Job loss and USDA loan?

Hi again page41989!


Sit tight and do not stress too much over it. At least you were very lucky enough to land another right away!! That is a blessing in disguise! Smiley Happy


Wait until your LO contacts you back. They may be trying to so what they can do, but I doubt you would have issues since this was something beyond your control. My husband is dying to find another job, but we were told to sit tight becuase if he quits after landing a new job, they may put off our closing until he is done with his probation period (which usually is 90 days).


So maybe you will NOT lose the home, but possibly may have to wait it out until you pass your probation period. We are also going for a USDA loan so I think this is a USDA requirement, not sure though as we never asked. 



Message 6 of 6