Changing jobs in the middle or mortgage approval ?
My company is doing layoffs and mine is one of them. It is happening this week.
But I saw this coming from rumors and I was interviewing already.
I have a new offer letter already and will receive my first paycheck for the new job before our May 26th closing date.
My new salary is the same.
I know I need to disclose this to the mortgage loan officer. Is there a best way to handle this? Is this likely to be an issue?
1) We have excellent FICO scores and the bank has already done credit scoring. My middle score was 780 and my wife's middle score was 761.
2) We have more than the 20% down payment in cash in the bank and it is fully sourced and seasoned.
3) We have proven enough reserves in other investment accounts to satisfy the 6 months of reserve expenses.
4) The bank has already done income verification of my current employer last week and I came back with a "credit approved" from the mortgage lender.
5) We are only waiting on appraisal approval at this point and mortgage loan officer said we could close as soon as next Friday.
6) Our contract to close is scheduled for May 26th at the latest, but I think everything is ready to close this week.
How is the last minute job change likely to affect things and how should I best present this to the mortgage loan officer?