Just got fired--How bad will this screw up my pending house purchase?

[youtalkfunny]

I put up the deposit, the builder began construction, and now I got fired.

I'm a poker dealer, and we're in demand, so I fully expect to find another job within a few days (the firing was so non-sensical that I'm confident that no prospective employer will hold it against me).

But I had three years at that other job. I was pre-approved for a mortgage, but that was contingent upon the info I put on the application--info that is no longer up-to-date.

Now, when this house is finished, I'll have two months at my current job, instead of three years.

Presume my credit rating to be "just coming back from the grave". I've got a 100% mortgage, but it took some shopping to get one at a palatable rate.

So what do you think? Did I just kiss that deposit goodbye?

(The idea of not getting this dream house is more disappointing than losing money on this deal--and no, I cannot afford to put more money down.)

[[censored]]

I remember when applying for a loan (not a mortgage) that the lender was concerned with the time I had in my industry and not at specific employer. If you can get another job in the same industry for the same wages then I think you should be fine.

Why did you get fired?

[Mano]

If you do in fact get a comparable job fairly quickly you should still be able to get a loan, but you may not get quite as good a rate.

[usmfan]

CAVEAT: I'm no real estate attorney so take this for what it's worth.
Is your mortgage company going to know at any time prior to the conversion from a construction loan to permanent financing? I'm assuming the constr. loan is in place or else the construction wouldn't have started, right? You should have someone review the papers you've already signed regarding your duty to notify the lender of any changes. Further, the more disbursements that the lender makes on the loan, the more "vested" they become in seeing that someone takes the house and begins making payments upon completion.
I echo what's already been said that as long as you have a new job in the same field at the same pay, your lender is unlikely to care. What's key is knowing your duty to inform them of changed information.

[Dangergirl]

This can be complicated and it all depends. When the underwriter is getting the docs ready to begin finalizing the loan, they will most likely call to verify employment. As long as you can get a job fairly quickly, then this shouldn't be a problem. But when the mortgage lender does finalize everything they will do this.

The reason I say this, is my bf works in the mortgage industry and not too long ago something similar happened. There was this guy who was in the final stages of closing this loan. However, he had just quit his job and decided to be self employed that same week. When the underwriter had someone in the closing department verify his employment, they couldn't do it and he was not given the loan after all. So find a job asap.

[mike l.]

4 words:

no doc no down

and if you cant find a mortgage broker that can do it for you look harder because everything can be done.

[peachy]

if u get another job soon and talk with them about it...unless they r a total jerkwad, u SHOULD be ok. Dont claim u were "fired" unless u cant help it...i dunno the situation in which u left that job though

[James Boston]

You don't have to answer this if you don't want to, but I'm just curious what happened. You were certainly one of the better dealers at that casino.

Let me know where you end up.

[Voltron87]

- Disclaimer - I have no idea what I'm talking about -



I would assume that if you have another job by the time they find out you lost your job that you're in the clear.

[SossMan]

as long as it's in the same industry and they can verify employment history from your new and old jobs, you should be fine.