My wife and I were pre-approved for a 415k loan. I make around 105k and my wife 25k.
We have an accepted offer on a house now and going through the loan process and verification. My wife’s part time teaching contract is up in just a month or two at this point and we haven’t told them yet, but we’re thinking at this point we should probably let them know our plans (it’s in writing with her job now, it wasn’t initially). She doesn’t have a new contract lined up. She might just substitute teach and/or stay at home mom for awhile. We’re thinking with just my income and our total assets ($200-300kish) that we’ll probably be ok, but not sure if it’s going to upset the lender as we’ve already gone through some of the processes and I know big changes like this are a no no. Are lenders more or less sensitive to something like this with this hot market right now? We were approved for just 5% down and about $2500 a month. I’m thinking worst case they’ll ask for more down? Or maybe they’ll want it contingent on the sale of our current home? We have about $80k equity in the current home and looking to list it ASAP, but making the deal contingent in this market will definitely make our deal fall through. There were multiple offers on the house, we bid $25k over asking.