u/aap176

Currently have an accepted offer on a home, and financing was just approved. At the bottom of the approval, there is fine print reading:

“This approval is subject to there being no material change to your financial status, as
disclosed in the Application for Loan and, no material changes to the subject property.”

The issue is that I will be attending school for my apprenticeship during the months of September and October, and will be on EI during this time. Possession is Oct 15.

Will this be an issue and could the lender withdraw our approval? Should I inform the lender?

My partner will still be earning a full wage and I will be returning to work with my current employer after school.

21 and 22, no debt, ~150k gross income, 350k purchase price with 70k down. (Approved up to 500k purchase price). Approximately 320k in combined assets before home purchase.

My partner and I are in the process of closing on our first home and will be using the funds from each of our FHSA’s to cover the 20% down payment and closing costs. After covering these costs we will still have about $30k left between our FHSA’s.

My question is, can we pull out the entire amounts from our FHSA’s and use the excess for Reno’s, furniture, appliances, etc. or does this money have to go towards the down payment and closing cost. Want to avoid paying taxes on any of the money or rolling it into an RRSP if possible.