Job Loss 1 Week Before Closing

[Christine Steiner]

I need advice.  

We are closing on our first investment property in 1 week and we already have a renter lined up! The guys is military and will sign an 18 month lease. Expected monthly cash flow is $290 (after PITI, not after vacancy or repairs) The place is newly renovated and move-in ready and will only require small fixes the day after close.

I'm a stay at home mom and my husband just told me that he was let go from his job today.  Yay!!  We have the cash to close and will have plenty left to live on after.  He gets 10 weeks severance and we are debt free other than the $1500 mortgage on our primary residence.  So, basically, we do NOT want this deal to fall through.

We are in the final stages of underwriting.  Do we tell?  Do we HAVE to tell?  Should we ask our realtor for advice or are they legally obligated to tell if we confide in them?  

[Charlie Fitzgerald]

Most certainly mention so lenders will do a a verbal verification of employment prior to funding.  Withholding changes in your application affecting your material data  is also not good and would be considered mortgage fraud.