Employment Requirement

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  • #40677
    JA2014
    Member

    My wife and I have gone through the qualifying process and we are good to go. We just need to obtain one lien release letter. The problem is I just found out that my position is being terminated. I was with the company for 14 years. My wife is still employed and has been with her company for almost 9 years. I don’t anticipate having a hard time finding employment and within the range of my old salary.

    We were qualified for above what we want to pay and the adjustment in salary should still put us above that point. My question comes because there seems to be several different understandings of what this means for our process.

  • I have read that we will now not be able to but until one year after I start a new job.
  • I have read that as long as I find a new job within 30 days then there will not be a penalty for this time, however if I am out of work for longer than 30 days the one year rule kicks into play.
  • What is the correct process? Does Naca not make exceptions for this? I mean, the job loss wasn’t due to firing or quiting, but an elimination of a position at a place I had worked for uninterrupted for 14 years. It seems that my work history should show a sign of my work stability even if my situation changed through no fault of my own.

    Any help will be appreciated.

    Thanks

    JA

#40705
TTrumble
Member

Hello JA2014,

First and most importantly, if you haven’t already, get scrambling and find that next job!

While you will face at least a brief setback no matter what, the thirty day rule is what will apply here. There can’t be an exception for that because if you’re out of work for more than 30 days, the reason doesn’t matter since that kind of gap is an extremely strong indicator of inability to make the mortgage payment on time.

When the recession hit in 2008, I lost a job that I had been at in one form or another for nearly 20 years. I was still unemployed for 11 months in spite of a work history that was very impressive for the industry I had been in.

Even when you do find the new job, you will need to have the employer’s offer letter and thirty days’ pay stubs to show the new stable income level.

It’s going to be a bump in the road, but you can take action now to make it as small a bump as possible.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

#40903
JA2014
Member

Tim,

Thank you for your response. I have two additional questions.

1) Can Uber/Lyft pay be countered as income? I am reading that if you are self employed you need two years of employment verification. Does that still apply in the case of a position elimination and a person immediately beginning Uber/Lyft (before the 30 day window is expired)?

2) Are Naca employees allowed to get Naca loans? So, for instance, if within the 30 days I got a job at Naca would I still be allowed the get a Naca loan?

Thanks,

JA

#40916
TTrumble
Member

Hello JA2014,

I’m afraid Uber or Lyft won’t be a suitable replacement for the job you lost. It does indeed require the two year history as self employment income.

NACA staff members are indeed eligible to get the NACA Mortgage. Many of our staff members have in fact bought their homes through the program. The exact same rules apply as they do for everyone else, but NACA staff are not disqualified from using our services. (Obviously though you can’t be your own counselor, underwriter, closing coordinator etc.)

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

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