If you’re currently unemployed, you may be wondering if you can get a mortgage without a job? Lenders typically want to see proof of employment before they’ll approve a home loan. Similarly, you might also be questioning if you can refinance your home if you are unemployed? Thankfully, the answer to these questions is yes. You can refinance or get a home loan without a job. You will however need to satisfy some lender requirements.
Retirees, divorced parties, and people with significant bank investments get loans every day. In fact, it’s possible to get a mortgage without employment as long as lenders are able to determine that you can repay the loan. As long as you’re able to provide a potential home mortgage lender with proof that you can meet your monthly mortgage obligations regularly and on time.
There are several ways that a prospective home buyer can get a mortgage without a job, either alone or in tandem with another individual.
As you might imagine, lenders may consider other reliable sources of income besides a full-time job when researching and determining whether or not you qualify for a mortgage. After all, there are many ways to bring in money these days, not all of which require you to work for an employer, let alone on a 9-to-5 basis. For example, some alternate sources of income that lenders may consider as they go about reviewing your application include, but are not limited to:
Child support payments Alimony payments Rental property income Retirement income Investment income Divided payments.
You have significant Cash Reserves
Have someone co-sign
Work with a Housing Counselor
The types of home loans for those that are unemployed:
If you’re currently unemployed, you may be wondering if you can get a mortgage without a job? Lenders typically want to see proof of employment before they’ll approve a home loan. Similarly, you might also be questioning if you can refinance your home if you are unemployed? Thankfully, the answer to these questions is yes. You can refinance or get a home loan without a job. You will however need to satisfy some lender requirements.
Retirees, divorced parties, and people with significant bank investments are among those that can get a loan with no employment. In fact, it’s possible to get a mortgage without employment as long as lenders are able to determine that you can repay the loan. As long as you’re able to provide a lender with proof that you can meet your monthly mortgage obligations regularly and on time you should be golden.
There are several ways that a prospective home buyer can get a mortgage without a job. Lenders may consider other reliable sources of income besides a full-time job when researching and determining whether or not you qualify for a mortgage. After all, there are numerous ways to bring in money these days, many of which don’t require you to work for an employer, let alone on a 9-to-5 basis.
For example, some alternate sources of income that lenders may consider as they go about reviewing your application include, but are not limited to:
Child support payments
Alimony payments
Rental property income
Retirement income
Investment income
Dividend payments
Other ways you can qualify for a mortgage with no employment:
You have significant Cash Reserves
Have someone co-sign
Work with a Housing Counselor
Finally, the types of home loans for those that are unemployed:
Asset Depletion Mortgage
No Income Verification Mortgage
FHA Streamline Refinance
VA Streamline Refinance
Reach out to me for further detailed information on No Employment Mortgage loan programs.
Guidelines for No Employment Mortgage loans are subject to change when there are adjustments to government and lender policies, interest rate modifications, and fluctuations in the economy.
Special Situations / Non-Traditional Loan Solutions
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