Hubby lost his job as we near closing on a house
My husband and I are in the process of purchasing a house but my husband lost his job and we thought that the lenders might consider it a deal breaker. But, my lender informed me that they will move forward with only my data and income. Are there disadvantages to doing this? Because he lost his job, we considered backing out through loan disapproval but our lenders insisted that they can still approve the mortgage with my income alone. Can we say no to that and request that both me and my husband to be run through the system? With our current circumstances, we’d rather get loan disapproval and be able to back out of a house deal. by olivecohen657 from Aspen, Colorado. Jul 20th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
This is actually a pretty common thing... You don't say, but there are really to versions here. Are they leaving him on the application, just now using zero income for him, and you qualify yourself, or are they completely removing him from the application? If leaving him on the loan, no issues. You are both still buying the home. If removing from the loan, he can still be on the title to the house, just not on the mortgage. Not really a big deal either. I lend for properties in MN, WI, IA, ND, SD. Find me at Wi-MortgageBroker.com - Cambria Mortgage, NMLS 274132
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