Yes they will know. During the actual mortgage process, they would validate again income through latest paystubs and they would phone your employer and ask about your income and position of the company. They would then know that you no longer work there.

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I am looking to buy my first home next summer, and i was wanting to see where i stand on what i can afford with my credit (fair) and my income. i was wondering how long does the mortgage approval last for, say if i applied and got approved, how long would i be able to buy a house on that? also, am i legally obligated to buy a house if i get approved for a mortgage? last question, are there any internet sites that i can go to, to try and find out my limit myself? thanks so much!

If you get a true approval from a lender (through a broker or a bank Loan Officer) you usually only have 15-30 days before that pre-approval expires. However they broker or LO can keep submitting your file to lenders and getting re-pre-approvals. Some things in your file will have an expiration date on them: a credit report is usually only good for 60-120 days, most lenders need your most current paystub, etc. What I'd recomend is that you meet with a broker now and let them know you intend to get READY to buy and make a purchase next summer. A good, honest broker will help you now in hopes that you choose them for the final transaction (I know my company does business that way!). Start by talking to your frineds and family about who they used for their mortgages and call the broker people say they would use again. The other thing to consider is that the market may be very, very different by next summer. Your best bet right now may simply to attend a First Time Home Buyers Class set up by the state or a non-profit in your area (the ones put on by banks and brokers are usually - but not always - full of sales pitches). They will show you how to groom your credit and give you tips on how to save up the most money down possible in the shortest time. This site is the official HUD site and you might be able to find some info specific to your area on here: http://www.hud.gov/buying if not, try the web page for your city or county government. Good luck, and it sounds like you are doing the right thing by planning so far in advance!

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My husband and i currently work self employed. our job pays good a lot of the time, but it is up and down a lot too. some months we get tons of work and others we are worried we won't be able to pay the bills, plus then we have to save tons of money for taxes. so we have decided to get different jobs that will be more stable. how long do we have to have a job before we can try to get approved for a home mortgage? we found a house that we love, and i really would like to try to get it if we can.

We will look at 2 years tax returns. We want proof that you have been working for at least 2 years. If you get jobs now we would need 30 days worth of pay stubs before you could be approved. The problem is when people go from being regular employees to self employed, they have to wait 2 years. You will need a minimum credit score of 620 also. Good luck!

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Planning to buy a house but have not found one yet. should we get pre-approved first? how long before that pre-approval expires? thank you

The good ones are valid for a few weeks. Higher interest can be up to 3 months.

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I have done everything the bank told me to do and i followed what the banks automated underwriter told me to do for approval of the loan. i was given gfe and they have already given me a closing date and have started home owners insurance binder on the new home.. does this mean i am approve? the underwriters have had my paper work for 2 weeks know and have not requiered any more documents? whats next? should i worry..i qualify with all income and all credit debts have been paid in full and i have the down payment in the bank>> i am doing an fha loan can anyone answer my question please an appraisal was done and a home inspection has been done all the paper work has been turned in just waiting for the underwriters to get back with my loan officer and my previous land lord has already verified that i have never been late on my rent and my loan officer tells me that she is just waiting for the underwriters to finish

You qualify or they would not have taken things so far. Now they are simply getting the approval which can take time. Those underwriters are just slow sometimes. Congratulations!!

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We saw a house a month ago, loved it, made an offer and they accepted. heres where it gets complicated. we find out that it's a short sale. then when they fax over the contract to our lawyer its worded as if its a foreclosure. basicly once we signed if we don't close by jan 15 we loose our deposit. so our lawyer recommed that we not sign and get the house inspected(done) apprasied(done) to make matters worse the seller had no title(done) or co (waiting on the co for the florida room) we have been pre-approved already. is there any hope that we can get this done before jan 15? oh how long would it take to get title insurance? thanks.

Try to get wording added to the paper work stating it is contingent upon an acceptable home inspection and also contingent upon you being able to obtain reasonable fiancing. And make sure it is contingent upon a clear title. Title insurance can be put together within a week easily. The worse parts in short sales are getting the sellers lender to approve the short sale. If they have it approved, then all you need is your financing ready to go and closing by the 15th of january should be no problem. I am a realtor and specialize in foreclosures and shortsales in Wisconsin.

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My wife was laid off 6 months ago and has now found and started a new job. i have been working steady with the same company for 3 years. how long will we have to wait to try and get a mortgage. we were approved wait before she was laid off. we still have our down payment and will try for a fha.

FHA does like to have a 2 year work history. However, if your wife establishes 6 mos in her current job, and can provide a previous history of steady employment in a similar position prior to her layoff, you can qualify with her income. You will need to provide a letter of explanation for her gap in employment and the employer will need to verify the probability of continued employment. If these conditions are met, you can very well qualify for an FHA backed loan.

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I am in my early twenties and have never rented/ owned a home before. i have just started building up my credit history through credit cards this year. before this year, i was only using my debit card for all my purchases. i have been at the same bank since i graduated high school....never overdrafted, and i make all my payments on time for my credit cards. i also have a college degree. i am wondering how long do i have to rent a house before i can be able to purchase one? do i have to rent before i can buy? how many years do i have to be at a stable job before i qualify? (i have always been emplyed, but right now, i'm having trouble finding a job that requires a degree). i'm not sure how this all works. how do i know if i can be approved for a mortgage??? thank you so much!!!

None, there is no requirement to rent.

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Do you need to have all of your down-payment, etc. at the time that you get pre-approved/qualified? also, how long are they "good" for? we are kind of looking around, but not seriously. pickings are slim around here (small town). . .we might find something next month, or it could be until next year! thanks!

Pre-Approved means that the lender will approve you with the amount they provided when you applied for it. Pre-Qualified is more like the lender THINK you can be approve to up to certain amount but not guaranteed. It is better to have the down-payment ready if you are READY to buy a house. The pre-approval letter is good for 30-60 days. Not sure on pre-qualified.

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All of my information is correct........4 years out of a bankruptcy, but credit squeaky clean since then, everything paid up to date, no late payments, any collections from my childbirth that wasnt included in the bankruptcy has long since been paid.....very clean. my husband has 2 items on his credit that is being paid in full and he just suffers from lack of credit, where as mine is a fixed credit. my cred is better than his............. as long as we are honest about everything, provide information as lender asks for it, and have outstanding items paid, what else could go horribly wrong? we've already been pre-approved, they've looked at our credit, suggested those items be paid and ok'd the pre-approval. .......... i am so paranoid that something will go wrong. so scared. lol

1-4 years out of bankruptcy may not be long enough. 3 yrs ago - before the banking collapse, I was able to get my first home mortgage 5 yrs removed from bankruptcy discharge. 2-Is your income high enough for the price house you want? 3-do you have 10-20% of house price in cash for down payment, closing costs, inspections, applications, etc? 4- they will look at the lower of your scores (yours/hubbys)