Post # 1
While in escrow on an RD loan, my husband lost his job due to a fire where he worked, but started working less than a week later for an old employer. My husband’s pay structure is the same and we can still afford the home, but the major problem is, both his last job and new job are a tip based income. Good news…there is no 90 day trail period because he has worked there for 3 years before and they are thrilled to have him back. Our mortgage officer had us write a letter explaining what happened and said he is sending it to the underwritter as is. My income is three times higher than his, but I can’t carry the amount of the mortgage on my own due to the ratio.
Our Mortgage Officer advised me not to panic yet. But I can’t help but think we will not get funded.
Anyone out there in the industry? Should I panic?
Anyone with a similar story? What was your outcome?
Post # 3
I am not in that industry, but I can tell you than when my ex-husband and I applied for our first mortgage, he had just started a new job (literally, about a month earlier). We were told that as long as the job is the same positition or an advancement in the same career path, and didn’t happen repeatedly, the underwriters would consider it a continuation of his previous employment….but I can’t say for sure if all underwriters view job changes that way or just the ones we had that time.
Post # 4
Thank you, that gives me a little a hope.
Post # 5
I switched jobs midway thru our process. It wasnt voluntary. I was laid off and was lucky enough to have bounced back quickly. But it sent a red flag since the position I lost I only had for 10 months. You write a letter and thats it. I dont even think they look at it.
Post # 6
Thanks ladies, I’m still feeling a bit discouraged though. I wish they’d just tell me yes or no today. I hate this whole hurry up and wait game.