Skip to main content

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
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1kljbkd/got_approved_from_builders_lender_yesterday/
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

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...
Post a Comment
Read more