For those of you who have bought property here, after you made your offer on the house and put down the earnest money, how long did you have to secure the mortgage?
Was there a deadline before the deal would have fell thru and your earnest money lost?
The reason I ask is a property has come up that is perfect for us and a really good price, and we want to make an offer on it before someone else does, but I recently changed jobs (been at this job about 4 months) and according to a lot of blogs, banks won’t accept you for a mortgage until you have been working in the same place for 6 months. So I’m thinking, we could make the offer now, pay the earnest money and then just wait a month and a half until I hit 6 months at this job and then apply for the mortgage. Just not sure how long people usually have to secure the mortgage after they put down the earnest money.
On a similar note, were there any clauses in your contract where the earnest money would be returned if mortgage application was not succesful?
On the plus side, my wife now also has a fixed monthly salary (as an employee of the LLC I created), so that should help any mortgage application we make, although she also has only been working for me since July 1st so she does also not meet the 6 month requirement.