Building house - loan app questions

**lisettelovebug** · 06-15-2010, 10:33 AM

Hey everyone. I haven't been here in a while because of work, school and family, but now that school is over, I am hoping to be on here a little more.

We are getting ready to finally get a loan to build our house. As some of you may remember, we were 2 weeks away from closing on having a modular put on our land in March of last year, when my husband got laid off. We ended up not being able to do the house. I got a job while hubby stayed home with kids, trying to find something. He got a job and worked there about a month before his old job took him back. So, now we are both working (although I will be starting a new job at one of the biggest companies in our area in 2 weeks - so excited!) and we are going for loan app tomorrow.

So, my question is, will they check with my employer that I still work there? I need to give my notice to my current employer but do not want to do it yet if it is going to mess up the house thing. Although i will be getting $3 more an hour at my new job, it is, for all intensive purposes, a temp job, although it could last years or lead to me getting a permanent position within the company. I am not worried if it doesn't last long - my hubby makes more than enough to pay the mortgage with less than 2 weeks of pay. I could get even a part time job and we would have more to cover everything. The only debt we have is school loans and our van.

I'm just not sure what to do? I would like to give more than a week notice but not if it messes up the house loan. So, does anyone work for a bank (or formerly worked for a bank) and know how this process goes? Any information and suggestions would be great. Thanks everyone. And I'm excited to be back on Frugal Village... missed everyone.. even Greebo!! lol

**stinkbug** · 06-15-2010, 11:30 AM

We refinanced last month. They checked dh's job status about a week before closing. Lots of people are job shuffling and they won't close the escrow till the job is verified at the last minute. This is due to all the undocumented income on those *bad* loans over the last few years. Be honest on your application, or it's going to cause a huge mess.....(JMO) We have 820 credit, no other debt and 100K equity, and they still questioned tiny little details. (dh has been at his job 12 years)

**Greebo** · 06-17-2010, 10:04 AM

Wait until you've settled into your new job and then apply.

**lisettelovebug** · 06-21-2010, 12:50 PM

Thanks everyone for the advice. We told the bank what was going on. They were fine with it. We are just waiting on the appraisal, which needs to come in at 205,000 for the house and land. We have our fingers crossed. If it comes in less, we will have to pay more for a down payment. For building a house, they will only give you a loan for 80% of the value.

Thanks again guys.