Has anyone been in a similar situation and have any information/advice? I've run my home daycare out of this house for 3 years (I rent). But my husband and I want to move and buy our own townhouse. Our current income and credit scores are great, and we're pre-approved for more than enough for what we want to buy. My question is that, is there any problem when closing on a house, when the lender goes to verify your employment/income and realizes that since you're moving, and you run your home daycare out of the current home, your current job is technically ending and you don't yet have your next job secured?
I'm planning on going to work for a preschool center as a preschool teacher (regular W-2 job) instead of opening up a new daycare. And in fact, I want to do this before I buy a new place, so I can ensure I'll be able to afford the mortgage with the new salary. I thought that since it's in the same line of work (and what I did before home daycare, so the same industry for 9 years), it shouldn't really matter. But the mortgage broker I talked to was steering me away from that and just wanted to base my income on the current daycare.
I'm wondering: for anyone who has had a mortgage approved while running their daycare, at what point did they verify your income/employment? And how did they go about doing it? Like, how would they even know if I switched jobs right before closing? How late in the game do they re-check your bank statements and such? I could just say my daycare is still open (I'll still technically be licensed, just won't have any kids enrolled), but really I'll be employed at a preschool center getting my income from there.
Sigh, this is a really specific question/situation, so I can't find any info about it online, and it seems like every regular person is clueless about daycare businesses. Maybe I need to talk to more lenders who seem more knowledgeable. Thing is, I really do need to change jobs asap, because I have kids leaving, and no kids to replace them and I won't be able to pay my bills come mid august.
I'm planning on going to work for a preschool center as a preschool teacher (regular W-2 job) instead of opening up a new daycare. And in fact, I want to do this before I buy a new place, so I can ensure I'll be able to afford the mortgage with the new salary. I thought that since it's in the same line of work (and what I did before home daycare, so the same industry for 9 years), it shouldn't really matter. But the mortgage broker I talked to was steering me away from that and just wanted to base my income on the current daycare.
I'm wondering: for anyone who has had a mortgage approved while running their daycare, at what point did they verify your income/employment? And how did they go about doing it? Like, how would they even know if I switched jobs right before closing? How late in the game do they re-check your bank statements and such? I could just say my daycare is still open (I'll still technically be licensed, just won't have any kids enrolled), but really I'll be employed at a preschool center getting my income from there.
Sigh, this is a really specific question/situation, so I can't find any info about it online, and it seems like every regular person is clueless about daycare businesses. Maybe I need to talk to more lenders who seem more knowledgeable. Thing is, I really do need to change jobs asap, because I have kids leaving, and no kids to replace them and I won't be able to pay my bills come mid august.
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