Looking to Find My Financing Options - First Time Buyer in Las Vegas

[Kayla Weigel]

Hello Bigger Pockets Community!

My name is Kayla, I'm new to Bigger Pockets and Real Estate and am looking for guidance on financing my first home. 

The situation is, I signed for a new build home in January with W2 income and was pre-approved for financing via a traditional 30-year fixed loan from the builder. The home is still being built and has a rough completion date of November 2023. 

Unfortunately, I was recently laid off from my job, leaving me without any source of income. Prior to this job, I was an undergraduate student and as of now, I'm starting my own business.

My question for the forum really is, what are my options for financing this house before closing in November? 

I would appreciate any guidance on this matter! Thank you!

[Stephanie P.]

Quote from @Kayla Weigel:

Hello Bigger Pockets Community!

My name is Kayla, I'm new to Bigger Pockets and Real Estate and am looking for guidance on financing my first home. 

The situation is, I signed for a new build home in January with W2 income and was pre-approved for financing via a traditional 30-year fixed loan from the builder. The home is still being built and has a rough completion date of November 2023. 

Unfortunately, I was recently laid off from my job, leaving me without any source of income. Prior to this job, I was an undergraduate student and as of now, I'm starting my own business.

My question for the forum really is, what are my options for financing this house before closing in November? 

I would appreciate any guidance on this matter! Thank you!

Tell the builder what's going on and walk away.
They will be able to sell the property once it's built or tailor it to the new buyers so they won't be at a loss and you will be able to breathe while starting your new business.  Building and buying a new home is not a good place to be when you're just starting out a new business, especially when you're used to a W2 income.
Probably not what you wanted to hear, but I think it's the most prudent advice I could give you considering you're 7 months from completion and could get out of it.
Best of luck
Stephanie