Possible Extended Unpaid Leave on Second Job NOT on Bank App

Home Forums Purchase Program Possible Extended Unpaid Leave on Second Job NOT on Bank App

Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • #66309
    NACA_Dreamer2020
    Participant

    We are due to close 03/31. My husband’s second job, is in the airline industry. As we all know, this industry is taking a HUGE hit. This second job was not included in our bank application with BOA. Right now, the company is asking for volunteers to go on extended leave 30-60 days, but I *feel* like mandatory leave is coming. Being that this job/income is NOT included on our bank application, will this impact our ability to close if this leave turns into forced leave or should we be okay? Just trying to alleviate some fear in case…crazy crazy times.

    #66310
    Nelsont
    Member

    It should have no impact.

    #66311

    If the job was never included in your application, it won’t be considered in any way, and they won’t be verifying that employment. It should have no impact, as Nelsont says.

    #66314
    NACA_Dreamer2020
    Participant

    Thank you both. That gives me some relief.

    #66318
    TTrumble
    Member

    Hello NACA_Dreamer2020,

    You don’t mention why that income is not included to begin with, which is another question in and of itself, but unless the bank discovers it while processing the application, it shouldn’t be an issue.

    Obviously, I don’t know all the details involved, but the bank may discover the second job as they process the application. If he has been on that part-time job less than two years, it’s no big deal since the income didn’t qualify to begin with and won’t be an issue even if they do discover it. If he has been on that job more than two years, then there will be some questions to answer.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 7 months, 1 week ago by TTrumble.
    #66335
    NACA_Dreamer2020
    Participant

    Hi! We did include it and uploaded paystubs, but the underwriter excluded it on the bank application due to the length of employment which was less than 2 years.

    #66348
    TTrumble
    Member

    Hello NACA_Dreamer2020,,

    It shouldn’t be an issue then under any circumstances.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 7 posts - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter