Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

20
Posts
4
Votes
Wayne Stevens
  • Medford, NY
4
Votes |
20
Posts

Got my pre-approval for house hack and now lost job

Wayne Stevens
  • Medford, NY
Posted

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

Loading replies...