I am not going to sugarcoat this, because if I give it to you straight, you’ll hopefully take me seriously.
Do NOT buy this house.
#1 You ‘plan’ on going back to work? So, I take that to mean that you don’t currently have a job, and now, neither does your husband. Unemployment doesn’t count as a steady stream of income, especially from only one person.
#2 The lender can verify/re-verify employment at ANY time. It’s a question of when they find out, not IF they find out your husband lost his job.
#3 Honesty is the best policy. Tell your lender the truth. They will likely deny your loan, but at least that way you can present the denial to the seller, and get back your deposit (if applicable).
#4 You have plenty of $$$ saved up…good. Hang onto it. House prices will likely drop even further, you won’t miss out on any deals.
#5 Even if your husband works in a high demand area, you can’t assume he WILL find work within a few months. If you do assume that, you might be in for a surprise.
Think logically- If you were a lender, would you loan money to people in this situation?
Sometimes a lender will deny you not because they are being buttheads, but because they are trying to save you from making a big mistake; this is one of those times.
best of luck
· 1 decade ago