Can I still qualify for a mortgage??

Question

I have a qustion regarding qualifing for a mortgage. I finally got my FICO scores high enough to qualify for a mortgage (fico is 645ish across the boards) but here is my dilemma... In August I left an employer of three years for my current employer. Same type of work field (laborer). With my new employer, I may be getting laid off for 4-6 wks during the winter as it is a semi weather permitting union job. My previous job was not seasonal at all but same pay.  I guess my question is what obstacles do I face if I apply for a mortgage with this job and income scenario? How will they determine my eligible loan amount? Should I apply now and possibly be laid off during closing, or wait until i get back to work for a couple months in the Spring/summer? I'm interested in getting an Fha for a personal home or a sub 50k loan for an investment property. Any feedback would be greatly appreciated!!

Rob Robertson · Answer

thanks for your response. So I should wait untill spring/summer and ill be fine? Or does getting laid off in general make it impossible?...

Riquelmi De La Rosaq · Answer

My advise is wait until you have stable work. You could go the route of going under contract, paying for inspection and appraisal. Go to underwriting, then you wait. Once the UW gets your loan information, they will ask you to confirm and re-confirm information in your app. This process can take up to a month+, then you finally get the "Clear to Close". The very last step, up to 48 hours before the closing date they will re-run your credit to verify no new credit (credit cards, new car or higher credit card debt is reporting because these things will change your DTI) and call your current employer to voice verify that you're currently employed with that company and will be employed with that company for the near future. You stated that you expect to be laid off in a few weeks so chances are that the UW will catch this and deny your loan in the last minute and you will be out $1000-$2000 plus time.