Hi all, looking for some advice here.
My husband and I are looking to retire this year and the sooner the better! We were originally targeting the end of March as our end date but we’ve run into some concerns with our new home and may work longer if needed.
We are building a new home in a mountain town with a construction start date in March. We are looking at a timeline of 9-12 months for the build. We are going to be selling our current home which is mortgage free at the same time and then rent and will need to finance about $200,000 after the house sale. The original plan was to sell the house and then just use line of credits to finance the shortfall and then eventually transfer to a Heloc once the new home was built.
The concern is the lack of income if we quit our jobs and the timing on all this. If our home doesn’t sell quickly but our new home is under construction we will need some interim financing. Therefore it may be less stressful to keep our jobs for ease of financing and get a construction loan.
My question is what if we quit our jobs part way through the house build? Will that affect our qualification for financing and would the bank even ask for additional income verification past the initial approval?
Trying to find a way to get this home built without having to work the entire build time.
Any thoughts would be appreciated.
