Laid off by Cisco and Meta? Here's what you can do

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Real Estate

So you've just been laid off. It happens to the best of us.  Now, here's my advice for you:

1) Take some time off! You deserve it. Don't think about your next move right away. Take a vacation. Go see your family. Read a book!

2) Think about what you want out of your next job. Do you want more money? More flexibility? A new challenge? The key is to ask yourself what's most important to YOU when it comes to having a job that makes you happy and fulfilled.

3) Consider volunteering - even if it's just for a few hours per week at first - because helping others can give us clarity on what we really want from our careers, and help us find our strengths again after we've been laid off

At Nagaraj Homes, we've seen some clients getting laid off after the pandemic. So far, we've helped them with timely advice on how to buy a house or refinance with strong offer letters or co-borrowers, among other options.

If you want to buy a house or get a mortgage on unemployment, give me a call now. I'll sit down with you and talk through what makes sense for your situation—and in no time at all, we'll have some sound options for you! Panicking will not get you anywhere, but good planning will help you immensely! Call me now!


Want to buy or sell a house on unemployment benefits? 

So, you've just been laid off. You're feeling stressed and overwhelmed. You're worried about how you're going to pay your bills, or if you'll ever be able to afford a house again. And then you realize: "Hey, maybe I could get a mortgage on unemployment? Maybe it's not too late for me!"

First off, it's important to know that you generally can't get a mortgage on unemployment. Well, I'm here to tell you that it is possible—but it's not as easy as getting approved for a mortgage when you're working full-time and earning a steady income. But don't worry: there are ways around this. I'll show you how to get your mortgage approved and start building equity in your home again.

1) First, you need to prove that you have enough income available right now (or soon after returning to work) so that the lender can feel confident that they'll be paid back with interest over time. To do this, lenders will look at your last two years' W2 forms and any other documentation of your income during that time period; if you're self-employed, they'll want to see your last two years' income tax returns instead.

2) Next, you'll also need proof that those payments are going to continue in the future— for atleast three years.

3) If you're applying for a home loan soon after getting a job offer, or if you've recently been laid off but have enough savings to qualify for a mortgage, then you might be able to get an FHA loan—which has lower credit requirements than most lenders require. You can also refinance your existing mortgage if you have an FHA or VA loan (and the lender agrees).

4) If you're looking at buying a house with seasonal work income, then your chances of being approved for a mortgage will depend on how consistent those payments are over time. If they've been coming in steadily for at least two years straight and if they're scheduled to continue for at least three more years, then it's likely that your mortgage application will be approved. 

5) Finally—and this one is really cool—you may be able to buy a house while receiving disability benefits — whether they come from your own long-term disability insurance policy or from Social Security. However, they must be scheduled to continue for at least three more years.


How can I stay in the US if I have been laid off and on an H1B?

If you're an H1-B visa holder, and you've recently been laid off, you might be wondering what your next step is. Good news! If you're on an H-1B or other employment-based visa and you lose your job, there's a 60-day grace period during which you can remain in the U.S. to find new work. But your immigration lawyer can change that by filing a change of status from H-1B to another category such as a visitor, student or dependent spouse. This will give you eight months of immigration runway in which to find new work and change your status again.

Here are some tips for staying in the US after losing your job:

1. Start interviewing NOW! Use your family, friends, colleagues and social network: you cannot transfer your current I-797 to your next employer. However, you can transfer your H-1B to your new employer following the H-1B application process. If you are approved, you will receive a new I-797.

2. Start working on your startup NOW: Get your startup sponsor you for an O-1A which offers more flexibility and freedom than an H-1B transfer.

3. Devise a backup plan: You could transfer your H-1B and become an H-4 dependent visa holder if your spouse has an H-1B or change your status to an O-1A visa.

4. Start gathering documents: A Form I-129 H-1B application or O-1A application will need to be submitted to USCIS on or before the 60th day since you were laid off