Non- LIW help needed - Pretty Please!

[KCCutie]

I''m sorry this is so long! I posted this over in Hangout but you ladies are so sweet and helpful and this board moves faster so I thought I''d ask you all....

I''ve posted a couple threads about my search for a house and I am now playing the waiting game on a short sale. We could close as soon as Aug 29th or it could be a month or two past that....short sales are crazy and take FOREVER.

Here''s the real problem we hoped to get into a house fast so I could start looking for another job. My current job is too far from the area we will be moving to, but more important than that 1. I''m sure the company is not doing well financially (seriously our phone got shut off Monday for non-payment) and 2. it''s terribly boring. Really I''m so bored I can hardly stand it (thank goodness for PS I''d go nuts with out something fun to read). There is never enough money to pay all the bills on time (I know b/c I do the A/P) so I''m worried they won''t be able to pay me soon. The office lease is up in Aug and my boss hasn''t renewed b/c he says he''s not sure if he''ll stay and they haven''t had business insurance for the office for a year now (just found this out) so they are already in default of their lease and the leasing office knows this. So even if he decides he wants to stay they may not let him. It''s been so slow and I know my boss is counting on one big project to come through but I have a feeling it''s going to take much longer than he expects.

I know I should be looking for a new job, but I''ve also heard you shouldn''t change jobs when you''re in the middle of buying a house. We''re doing an FHA loan so being in the same job or field for a certain amount of time is required but if I get a job in the same field will that jeopardize our loan? I''m starting to really worry he may decide to let me go before we close b/c he''s out of money? It could be 3 months or more before we close on this house b/c of the short sale.

Everyone said to ask my lender if he thought it would be a problem, but they thought as long as it was in the same field and for the same pay it would be okay.....

So, I asked my lender if changing jobs would be a problem (but I did not tell him how worried I was that my current job is so unstable) and this is what he said:

"FHA underwriters are very strict when it comes to underwriting. I know it is the same line of work and same pay but I would wait. The underwriter makes the final decision."

Here''s the deal we have yet to hear from the sellers agent and we''re still waiting to see if their lender will take our offer on this short sale. It could take a while for them to approve it possibly a couple months then we have to go through closing. I''m worried that the process could take 3-4 months (at the very earliest it will be Aug 29 before we close).

I re-posted my resume on-line and had a call yesterday about a job that would definitely work but now I''m scared I shouldn''t go to any interviews. I''m even more scared that this job won''t last through closing.

I haven''t spoken to my boss about it yet. He owns the company and I''m his only employee. he knows I am trying to buy a house....should I talk to him? What should I say? Should I explain to the lender that I''m afraid if I don''t get a new job I could be left jobless at any time?

UGH this is SOOOO stressful!

 

[Bia]

Sweetie, I can''t really be of much help in this department, especially since it looks like either way (leaving or staying) can pose a problem. I will say that when you''re applying for a loan, the bank wants to see stability, so if you''re jobless, or in a new job, that will reflect in their decision making. They may even want to speak to your employer, in that case, staying put might be a good idea until the closing--at least this way your employer can give you a glorious recommendation. You can still interview for the next job in the meantime can''t you?

When my friend purchased his first house, because he didn''t have a co-signer, and he was fairly young, he had to jump through a bunch of hoops before the approval--speaking to his employers was one of them.

 

[Keepingthefaith21]

Did you leave all these details as to WHY you are thinking of a new job out of your discussion with your loan officer?

There''s a difference between changing jobs because you are bored and changing jobs because your current position is in jeaopardy. Imagine how difficult it will be to obtain financing if you are unemployed!

If you are comfortable talking to your boss about the state of the business perhaps he would be willing to offer some sort of notification to your lender that you need to be searching for a new position because he will be closing out his business by the end of summer.

However, I would be honest with your lender as to why you are seeking a change and continue to persue opportunities as they arise. Unfortunately it seems that FHA standards are not as flexible as my mortgage lender was.

 

[KCCutie]

Thanks for your help ladies....I just got really flustered this morning.

I will update my mortgage broker with why I will be looking for something new but try to stay here through closing. I think what is making me so anxious is that closing could be anywhere from 45 day from now to 3 months from now. I think I can hold out here for 45 days but 3 months may really be pushing it(we have not made a single deposit or paid a single bill all month).

I need to remind myself that finding a job is never easy so chances of me finding a new job before closing (if it is in 45 days) is a stretch, and just pray that this job doesn''t disappear before closing.

Oh and to add to the anxiety my SO and I have talked about this at length and we agree that it would be best if we were engaged before we close on the house so my LIWitis is raging right now. It would be bad enough knowing we were set to close in 45 day but the fact that the closing date is a moving target that I have no control over could vaer well drive me crazy soon.

Thanks for putting up with my lunacy!

 

[Tuckins1]

My own opinion... I know that it''s not great to switch jobs while trying to get approved for a home, but you have to take care of YOU! If it were me, I would make sure I will have a job that will allow me to pay my bills, new house or not!!! What good is a new house if you are un-employed?!? It can''t hurt to look and apply... You might run across something that is fantastic and pays a ton more than your current job!