Posted on: 06th Dec, 2010 05:50 pm
[color=DarkBlue:c0f5799e5b]I was originally pre-approved for a loan, my offer to purchase accepted, done the inspection, appraisal, walk-through, etc. But for some reason the lender found out that my income tax deductions are a lil bit high and needed a co-signer, so I asked my bro to co-sign for me. They just need someone to help me pay the monthly payments, I assume, because my bro doesn't make much.
The lender has told me recently that we already got approved for the loan. We have not been given the schedule for closing but it's probably late this week or early next week. The problem is my bro got laid off yesterday!!!
Will they verify employment moments before closing? Will this be a big issue? I mean, I can really afford to pay the monthly payment without my bro's help by re-structuring my monthly budget (no expensive toys and going out to eat). And my bro will still get unemployment income, if they really expect him to help.
The excitement of owning my first home has turned to nightmare because of this. I can't sleep at night :( They should've told me not to do the inspection and walk-thru, and they shouldn't have moved forward in doing the appraisal, etc.[/color:c0f5799e5b]
The lender has told me recently that we already got approved for the loan. We have not been given the schedule for closing but it's probably late this week or early next week. The problem is my bro got laid off yesterday!!!
Will they verify employment moments before closing? Will this be a big issue? I mean, I can really afford to pay the monthly payment without my bro's help by re-structuring my monthly budget (no expensive toys and going out to eat). And my bro will still get unemployment income, if they really expect him to help.
The excitement of owning my first home has turned to nightmare because of this. I can't sleep at night :( They should've told me not to do the inspection and walk-thru, and they shouldn't have moved forward in doing the appraisal, etc.[/color:c0f5799e5b]
Hi xomvee!
Welcome to forums!
There are chances that the lender may verify the employment before closing the mortgage and if your co-signer is unemployed, then the lender may not allow him to co-sign for you. However, as your brother will be getting unemployment income, there are chances that the lender may allow him to cosign for the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are chances that the lender may verify the employment before closing the mortgage and if your co-signer is unemployed, then the lender may not allow him to co-sign for you. However, as your brother will be getting unemployment income, there are chances that the lender may allow him to cosign for the loan.
Feel free to ask if you've further queries.
Sussane