Yes. Your pre-approval/commitment letter should state that the approval is contingent upon the criteria disclosed at the time of application remaining unchanged. If they were qualifying you based on your wife’s income and it will no longer be there, then this changes the game.
With that being said, you should have a pow-wow with your loan officer ASAP to see if you can qualify using JUST your income.
Best of luck!
I would also explain to her employer the importance of extending the contract, even if it is for a short period of time. Make sure it is writing just in case the lender gets cold feet. Honestly, I would take this route before talking to your lender. If your lender even suspects that your income will drop, they may walk away.
Absolutely, if the lender becomes aware that your wife is no longer in the same position, they will not close the loan. Verbal verifications of employment are typically done a day or two prior to closing. If your wife’s contract is not extended (or even if she accepts another job), it is highly unlikely that your purchase will close as planned. If you could move up closing, might be a very good idea!!