Skip to main content

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/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more