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Updated over 7 years ago,
Got my pre-approval for house hack and now lost job
So I finally got my courage up to jump into real estate, got my pre-approval done. Found a nice house that I was about to make an offer on to start house hacking, and then life came around and gave me a sucker punch to the gut and ended up losing my job. I'm in auto sales and went from one place that I was at for 6 years onto a new place last November for a better position and almost double the salary. Which I now recently lost 2 days ago. I won't have a problem jumping right back and getting my old job back, it was already offered to me. However i'll be about 40% less income then what I was making when I got my pre-approval. Will this stop be from being able to get my FHA loan? Do I tell the loan officer about going back to the place I was at for 6 years but making less money?
I'm not giving up on real estate because of this. I just need help to figure out how I can make it work. I'm sure my pre-approval purchase price will drop lower... If I make the difference of income up with say driving for Lyft or Uber on nights and days I'm not at the dealership will that help? Or will it not matter since it's a different industry?
Thanks so much for any advice,
-Wayne