My partner got laid off the week we were closing on our first home. Should we pause or renegotiate the deal?

Core Insights - The article discusses the challenges faced by homebuyers when one partner is laid off shortly before closing on a mortgage, highlighting the financial and emotional stress involved in such situations. Group 1: Employment and Mortgage Implications - Homebuyers must report any changes to employment and income to their loan officer immediately if they occur before closing, as failure to do so could lead to mortgage fraud allegations [3] - If one partner is laid off, lenders will assess whether the remaining income is sufficient to afford the mortgage, typically requiring a debt-to-income ratio below 36% to 45% [4] Group 2: Potential Solutions and Challenges - Couples may attempt to renegotiate closing terms with the seller, hoping to delay until the laid-off partner secures new employment, but this can be complicated by job search duration and potential expiration of mortgage rates [5] - Lenders prefer proof of stable employment from the laid-off partner's new job, which may further delay the closing process [5]