i saved some money for a down payment on a home.
but i dont like my job. i like to quite.
will effect be on buying a home on the next six months.
i realy like to take a good vacation befor i get my home and have that big bill.
2007-05-14 10:03:07 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No. I had a friend that had a job, financing was in place, and quit his job the day before the house was supposed to close. He had the same idea you did, take a vacation, work on the house, etc.. The lender verified employment the morning of the closing and the deal was off.
If you quit now, it is unlikely you will get approved for a good loan. As the other poster said, "no doc" or "stated income" loans are available, where they do not verify your income, but the interest rates are generally significantly higher than a traditional mortgage.
2007-05-14 12:01:11 · answer #1 · answered by godged 7 · 0⤊ 0⤋
No job = no mortgage = no home. Unless you have a sterling credit rating and do a "No Doc" loan. But you'll pay a premium rate on your mortgage.
2007-05-14 17:07:10 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you quit, you won't have the money to buy a house. Get another job first, then quit your job.
2007-05-14 23:18:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋