How One Lady's Job Change Nearly Cost Her Home!
In the Northern Virginia area many people work for the federal government or for companies that support the government. These employees are used to working on a contract basis. Many times the names on the contract may change but the job duties and assignments are the same.
This fact of life almost cost one first time buyer in Virginia her new home purchase. In today's world of lending nothing is taken for granted: tax transcripts are requested from the IRS, credit reports re-verified, and before closing your job status is verified again too.
Imagine the shock in my voice when the underwriter (upstairs in my office) calls and says your client no longer works at ABC company, so I can't clear the loan for closing. I am sure she heard me scream NO WAY from downstairs.
But I am thinking sure the client still works there. Yesterday, I just spoke to her on her work phone about the closing details for her no money down purchase in Virginia.
I still was in denial so I called the client on her work phone again to share the information and ask how can this be? The client went on to tell me that two weeks ago the contractor she worked for had changed but her job duties and pay were the same.
Although we provide a Do's and Don'ts Checklist at the beginning of the home buying process,she did not feel it was necessary to disclose the change after all everything was still the same except the name on the check.
We did close the loan after waiting for the first pay stub from the new contractor.
Although the contractor change was out of her control it is important to share the details of any changes with your Woodbridge FHA Loan Expert when buying a home in Woodbridge, VA.
If at all possible DO NOT change jobs during the home buying process. But if you do be prepared to present the offer letter and first pay stub before being able to close on your FHA or Veteran Home Loan .