I’m in the process of closing on a house, and I’m about to get furloughed as a federal employee.

    We’re in the underwriting process, and the mortgage contingency deadline is coming up in a few days. Closing date is in a month.

    The underwriter already verified our income through pay stubs, all that’s left is the “verbal verification of income” before closing.

    If I’m furloughed, but by law I’m guaranteed to get back pay, would this be an issue with the verification of income before closing? I might even have to work, and not get paid for the time being if I’m deemed essential.

    I’m applying for loan with my wife and she is employed. I also have savings, and minor rental income that the lender didn’t use to qualify us for the mortgage.

    I’m nervous we’d be losing my deposit if the lender backs out days before closing. Not sure what to do, hoping government will reopen before verification of employment takes place.

    Any advice is appreciated.

    Thanks!

    Furloughed Federal Employee closing on a house
    byu/b_ana inRealEstate



    Posted by b_ana

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