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Got approved from builder’s lender yesterday, husband laid off today. Closing won’t be until late Dec/early Jan 2026. What do we do?

We have just signed a purchase agreement and been approved for loan for a new construction home by the builder’s lender (a requirement to move forward with the new build). We’ve put about $30k down as earnest money and a deposit for our new home’s materials. Unfortunately, my husband got laid off and now we are unsure of what to do.

Our closing date won’t be until the home is fully built which is currently looking like late December or early January (builder is waiting on permits to begin construction).

We only qualified for this loan because of my husband’s income. A few questions…

Has anyone been in this situation before? What steps did you take?

If we aren’t closing for several months should we still inform the builder’s lender? We aren’t set on using them for our home loan but were required to get approved by them to move forward with construction. We have the option to choose our own lender later on.

Since closing is so far out, will this lender revoke our approval because of the job loss? We’re hoping he can find something before end of summer but obviously nothing is guaranteed.

Any advice is greatly appreciated.

submitted by /u/Perfect_Quiet_3389
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source https://www.reddit.com/r/RealEstate/comments/1kljbkd/got_approved_from_builders_lender_yesterday/

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