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aflanzi234 · Joined: 10 Aug 2009 Posts: 1 0.21 Dollars($)

Im unemployed is there any chance of a loan? I have the 20% down. I do have some debt. thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

aflanzi234

Thtere is nto way you cna get a loan with otu showing some income and a job

Good luck and feel free to ask

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi Aflanzi234, With no job you will not be able to get any kind of loan. Having a good down payment is great but being unemployed, You will not get any loan im sorry. As long as you get a job soon usually your job history will just carry over from the last.

JKennedySLG · Posted: Tue Aug 11, 2009 9:24 am Post subject:

After putting down 20% on a home, how do you plan on making the monthly payments being unemployed? There are limited documentation programs for the self employed, but nothing is available for Unemployed. Most programs require a 2 year work history in order to qualify. I hope this helps...

merry809 · Joined: 10 Aug 2009 Posts: 35 0.02 Dollars($)

As you are unemployeed there is not a chance to get loan.
As lender look for monthly payment of loan and as you are unemployeed you are not able to pay monthly installments though you have 20% downpayment.

Posted: Tue Aug 11, 2009 11:15 am Post subject:

Employment is NOT required for either conventional or FHA mortgages. Income that will continue IS needed. Most typical source is investment income. If you've got a two-year history and ratios based on this income are OK, the fact you currently have no supplemental income from employment should not be a problem.

gmakerley · Posted: Tue Aug 11, 2009 2:03 pm Post subject:

guest, someone with investment income is considered to be self employed as an "investor," but without knowing the real reason for the original post here, i have to take it for granted that the person has no regular source of income, or this would have been noted.

i don't disagree with you necessarily, but "unemployed" means far more than "i get my money from investments" or "i am retired."

Posted: Tue Aug 11, 2009 5:26 pm Post subject:

George,

I can't just let your response stand – interest and dividend income is "self employment"?! Come on now, these are totally different schedules on the 1040!

I am just a periodic interloper on this blog and have avoided "joining" since many of the replies are "waist high" – just jump in when the "advice" is really "far out". Just don't see discouraging a borrower simply because he/she is not currently employed. There are a ton of folks out there riding heavy severance pay which almost incentivizes one to pursue "other" non-compensated activities. Consider the LO. We make a bundle some times and niggardly compensation at other times. We invest to cover the skimpy times. Why bother an underwriter with fluctuating income when you, the LO, applies for a loan – put zero as employment income and qualify on investment return. Keep life simple.

No idea what the full scope on aflanzi is but it's a bit myopic to simply say "no job, no loan".

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