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Purchasing First Home, But Weird Predicament

Hello real estate redditors, I have an interesting situation I would love some clarity on and some peace of mind. Here is some quick info:

House Info:

- 29 year old, single, buying my first home in Maine.
- Purchase & sale signed
- New construction condo, construction has begun, expected to complete end of summer
- Closing Date is expected to be end of August
- Already have "conditional financial commitment" from lender
- 20k non-refundable deposit already sent to condo company

Finance Info:
- Well paying job as an engineer, ~120k per year
- Lots of savings and liquid assets, putting 150k down payment onto a 460k condo.
- Mortgage is for around 340k.

Situation and Question:

My company has done a horrible thing where they laid off ~300 people and are expecting to lay off an undisclosed amount more at the end of April. So obviously, the psychological health of me and my colleagues is very poor. And definitely not a situation I want to be in in the midst of buying a home. That being said, it's not definite I get laid off, and I am looking for other jobs now, I don't expect I would be jobless for long if that were the case.

God forbid, I do get laid off at the end of April... What the heck do I do? Do I tell the mortgage lender? Do I hold off on telling until closing in August? If they end up pulling the loan (my worst nightmare), I would also be out all of the non-refundable deposits I already put into the home. Would they really pull the mortgage before closing like this or would they be tolerant?

It's also worth nothing I have a lot more savings and could pay the mortgage for 1-2 years without a job. And it's not like I wouldn't be working at least somewhere. My father also offered to co-sign the mortgage if it helped their "conditional decision."

Am I way overthinking this??? This is my first time buying a home and have saved and worked hard for a long time so I just don't want to lose all this money and a great opportunity just because I get laid off and may be unemployed for a small period of time.

submitted by /u/AVigz
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/122p2xo/purchasing_first_home_but_weird_predicament/
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