While in escrow on an RD loan, my husband lost his job due to a fire where he worked, but started working less than a week later for an old employer. My husband is in the same industry, his pay structure is the same (he is actually making a little more now) and we can still afford the home, but the major problem is, both his last job and new job are a tip based income. Good news…there is no 90 day trail period because he has worked there for 3 years before and they are thrilled to have him back. Our mortgage officer had us write a letter explaining what happened and said he is sending it to the underwritter as is (a week ago). My income is almost three times higher than his, but I can’t carry the amount of the mortgage on my own due to the income ratio. Alone I’m 36/39 and it needs to be 28/41. Together we are 27/40.
Our Mortgage Officer advised me not to panic yet. But I can’t help but think we will not get funded.
Anyone out there in the industry? Should I panic?
Anyone with a similar story? What was your outcome?