05-12-2009 12:28 PM
Can someone who has no job get a mortgage? Certainly.
In the traditional process employment and income stability is factored into the underwriting process. Normally the lender is going to be looking for a 2 year employment history with he current employer and/or longer in the occupational field if it's a new job.
You will need to overcome this issue with (a) a substantial down payment, (b) a good residual income that has nothing to do with the unemployment checks, (c) a large net worth, (d) a substantial amount of liquid assets that will be in reserve after the loan and downpayment/closing costs etc.
You will probably need to find a lender that will manually underwrite you and go talk to them to see what the exact requirements are.
Best of luck.
05-12-2009 12:48 PM
05-12-2009 01:00 PM
09-01-2009 09:10 AM
Do you know how they would handle this situation. Father in law works in construction and things have been slow for the last several months. He usually works one week then gets unemployment the next week. He is looking to take out a HELOC. Will they use the unemployment dollars to figure DTI or just wages from work? The lender wants his last two pay stubs and since he is paid weekly one stub is a full weeks pay and the other is zero.
09-01-2009 09:22 AM - edited 09-01-2009 09:24 AM
i had a school bus driver get a loan during the summer when she was laid off.
we documented that she got laid off every summer or the last 10 yrs.
that was a long time ago and i dont know if that would still fly. but worth a try
bottom line: you have to have a job for a mortgage.
09-01-2009 09:23 AM
09-01-2009 12:27 PM
09-01-2009 02:10 PM
09-01-2009 02:13 PM
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