Real Estate

Wife fired while buying a house

  • Last Updated:
  • Mar 4th, 2020 1:46 pm
Member
Mar 3, 2012
381 posts
202 upvotes
HAMILTON

Wife fired while buying a house

Hi everyone
So my wife got fired last Thursday and we are in process of buying a new home
The deposit of 5% is already at the builder
We got a pre-approval from a private broker and we are waiting for the contract from the builder to sign and send it to the broker. So the closing date is end of February
And we have no idea what to do now.

Any suggestions or ideas? We just can't lose the deposit (the builder won't give it back 100%) nor the house (townhouse)


Edit:
I'm self-employed 60k after doing the taxes
The house is 430k and we put down 22k
Wife is already looking for jobs (medicine field)
Last edited by Igoran4s on Nov 17th, 2019 9:40 am, edited 1 time in total.
47 replies
Deal Addict
Jan 1, 2017
1826 posts
1876 upvotes
Igoran4s wrote: Hi everyone
So my wife got fired last Thursday and we are in process of buying a new home
The deposit of 5% is already at the builder
We got a pre-approval from a private broker and we are waiting for the contract from the builder to sign and send it to the broker. So the closing date is end of February
And we have no idea what to do now.

Any suggestions or ideas? We just can't lose the deposit (the builder won't give it back 100%) nor the house (townhouse)
You said you are buying from a builder. Is the house already built or will it be built in a few years?
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
Put it on assignment?

Or find someone you can put on the mortgage to help you qualify.
Member
Mar 3, 2012
381 posts
202 upvotes
HAMILTON
It's already done
We already moved up the closing date cause of some family stuff
Otherwise we would already closed it
Member
Mar 3, 2012
381 posts
202 upvotes
HAMILTON
JayLove06 wrote: Put it on assignment?

Or find someone you can put on the mortgage to help you qualify.
Like to find someone to co-sign?
Deal Addict
Jan 1, 2017
1826 posts
1876 upvotes
Igoran4s wrote: Like to find someone to co-sign?
Why don’t you post what your income is, price of the house and downpayment is. One of the mortgage agents here should be able to tell you if you’d still qualify based on only your income.
Deal Fanatic
Jan 15, 2017
5750 posts
6123 upvotes
Ottawa
Is your wife looking for another job?

Without your wife's income, can you actually afford the house? What's your issue here - not closing on the house and losing your deposit or buying a house that you cannot afford?
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
skeet50 wrote: Is your wife looking for another job?

Without your wife's income, can you actually afford the house? What's your issue here - not closing on the house and losing your deposit or buying a house that you cannot afford?
Remember too that if you can’t close you will lose your deposit and the builder can sue you.

I’d try to close or put it on assignment immediately.
Member
Mar 3, 2012
381 posts
202 upvotes
HAMILTON
I updated the first post with some more informations
Deal Addict
Mar 13, 2017
1042 posts
1194 upvotes
Igoran4s wrote: Hi everyone
So my wife got fired last Thursday and we are in process of buying a new home
The deposit of 5% is already at the builder
We got a pre-approval from a private broker and we are waiting for the contract from the builder to sign and send it to the broker. So the closing date is end of February
And we have no idea what to do now.

Any suggestions or ideas? We just can't lose the deposit (the builder won't give it back 100%) nor the house (townhouse)


Edit:
I'm self-employed 60k after doing the taxes
The house is 430k and we put down 22k
Wife is already looking for jobs (medicine field)
Send me a PM, I'm not a broker, nor an agent.

Simple investor looking to take on private mortgages.
Deal Addict
Jan 1, 2017
1826 posts
1876 upvotes
OP usually you use your pretax income to calculate mortgages. I think you posted your after tax income. Have you been self employed for more than 2 years? Most lenders require a min of 2 years of self employed income.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
Is selling it an option and then revisiting your housing situation once your wife finds a job? Not sure if this is the same as "putting it on assignment".
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
choclover wrote: Is selling it an option and then revisiting your housing situation once your wife finds a job? Not sure if this is the same as "putting it on assignment".
Yes. He can’t sell it as it’s not his yet. All he can do is assign it to someone else.
Member
Mar 3, 2012
381 posts
202 upvotes
HAMILTON
ProductGuy wrote: OP usually you use your pretax income to calculate mortgages. I think you posted your after tax income. Have you been self employed for more than 2 years? Most lenders require a min of 2 years of self employed income.
Yeah I used the line 150 from my notice

And yes I'm 3 years self employed
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
How long will it take your wife to get another job?
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
Sanyo wrote: How long will it take your wife to get another job?
Thing is, even if she finds a job tomorrow, it isn't guaranteed income as she will be on some sort of probation. Banks want borrowers with rock solid job security. Maybe it would work with a b lender or private.
Member
Jul 2, 2018
317 posts
312 upvotes
I can get you a one year mortgage @ 5.5% with a B Lender if you have 25% down. No Income verification required.
Realtor + Investor
Deal Addict
Mar 13, 2017
1042 posts
1194 upvotes
RealtorInvestor wrote: I can get you a one year mortgage @ 5.5% with a B Lender if you have 25% down. No Income verification required.
This could turn into a very educational thread as I'm very curious about B markets in general.

If the OP isn't able to come up with 25%, what's your best estimate he/she would be exposed to as a rate & fees in the B / Private markets to close in such a situation?

Given the OP was intending to close with 5% down, CMHC would have been in play. What happens in a case like this where an A lender isn't willing to proceed; does CMHC still carry fwd with a B lender or Private investor?
Deal Addict
Nov 13, 2013
4527 posts
3688 upvotes
Ottawa
RealtorInvestor wrote: I can get you a one year mortgage @ 5.5% with a B Lender if you have 25% down. No Income verification required.
Good to know what kind or rates are in this market but not at all relevant to OP who is trying with a minimum down payment.

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