I was already preapproved by my lender for the purchase of a new home. I found a home and made an offer, it was accepted, so right now I am in the underwriting process waiting for final approval with a closing date of August 11th.
I am a school bus driver so I drive for most of the year and I also drive for one month of summer school. The company I work for allows us to draw unemployment whenever we are not driving in the summer. I will be done driving for summer school in mid-July so I was planning to draw unemployment until the 3rd or 4th week of August… Only a little bit over a month until the regular school year starts back up near the end of August. Will this affect me being approved for the loan now? When the lender viewed my pay stubs it was during the regular school year when my pay was steady and I made good money in over-time. I have steady employment with this company, it's just that in the summer we have a couple of months off due to school vacation and can draw unemployment. If the underwriter sees that I'm getting unemployment will they shake their heads at this? Could they ask to see my pay stubs again right before closing? I do have my ex's pension as another source of steady income. I am so stressing about this right now! Any advice would be greatly appreciated!
Read more: Will being a school bus driver affect my mortgage approval?
