Posted on: 30th Jun, 2011 06:46 pm
I am wondering what lenders ask due to my being accepted into the nursing program in the fall.
So, I would like to turn in my notice that I am leaving work asap, but don't want to do it to soon and jeopardize my getting the home loan...Yes I have plenty of funds to sustain my house payment for the 12 months while i;m in school..
The credit part is all done, we are just waiting for the appraiser to call and set up a time to come see the house.
Can the lender ask my employer if they have any knowledge of my quitting or being layed off legally
So, I would like to turn in my notice that I am leaving work asap, but don't want to do it to soon and jeopardize my getting the home loan...Yes I have plenty of funds to sustain my house payment for the 12 months while i;m in school..
The credit part is all done, we are just waiting for the appraiser to call and set up a time to come see the house.
Can the lender ask my employer if they have any knowledge of my quitting or being layed off legally
Hi bartlew,
The lender can check your employment status just before the closing of the loan. It will be better if you could inform your lender about your present employment situation and check out if he will be ready to give you a loan.
Thanks
The lender can check your employment status just before the closing of the loan. It will be better if you could inform your lender about your present employment situation and check out if he will be ready to give you a loan.
Thanks
Your lender will do a verification of employment and ask the employer the probability of continued employment. Also, since you know that you will not be working, you need to disclose that to the lender. You would be lying to the bank, and that is not a good thing. They have programs for nursing, for people who have just graduated, but if you will be unemployed then no lender will give you financing.
Chris is trying to be kind to you in saying that "lying to the bank...is not a good thing." It's downright illegal, and you could be subject to prosecution for keeping this information from them. It's a fraudulent transaction if and when you keep this private.
Continued employment is imperative for a borrower, particularly one who is purchasing. If you can find another way in which to obtain your financing, while also being honest about your intentions, that's great. Otherwise, be prepared to receive bad news when you tell them (you must) that your plans are to leave your present job so as to go to school.
Continued employment is imperative for a borrower, particularly one who is purchasing. If you can find another way in which to obtain your financing, while also being honest about your intentions, that's great. Otherwise, be prepared to receive bad news when you tell them (you must) that your plans are to leave your present job so as to go to school.
