Financing in Staten Island>Question Details

Jimmy, Other/Just Looking in Staten Island, NY

Can someone who is unemployed get a loan?

Asked by Jimmy, Staten Island, NY Thu May 23, 2013

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7
Fred Herman’s answer
yes. people can be unemployed and still have income. and there are very many people that fall into this category.

most people are working so they can get to the point of unemployment with a steady and sufficient income to live on: retirement.

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0 votes Thank Flag Link Sat Jun 1, 2013
It would depend on your credit, financials, and other assets, but typically no.
1 vote Thank Flag Link Fri May 24, 2013
Depends on your financials, will you be able to repay the loan without employment....
1 vote Thank Flag Link Fri May 24, 2013
How old are you?

If you are 62 or older you can get a reverse mortgage.

You indicated you have substantial assets, I presume that these assets provide interest or dividend income. This income can be used to qualify for a loan. The question is how much of this income you can show annually. The underwriter is going to review the income you reported from this source for the past 2 years.

The next question is, are you requesting a loan for an investment property or a primary residence?

There are some private loans available for investors to acquire investment properties for income purposes. I hope this information was helpful.
0 votes Thank Flag Link Fri May 24, 2013
If you are retired/unemployed, with considerable financial assets, you may qualify.
If you are referring to someone who is unemployed and has no visible means of repayment, it is highly unlikely that person would be given a loan. Even if you are able to establish an equity position in the property with a substantial down payment, the bank will still want to know that you have the means to make the monthly mortgage payments.
0 votes Thank Flag Link Fri May 24, 2013
The IRS recognizes over 28 sources of income. Employment income is only one of them. If you have other sources of income from verifiable sources such as: permanent disability, social security, pensions, trusts, annuities, interest, or any of a myriad of others, then you may qualify. If your independent sources of income are high enough to qualify for the repayment of a mortgage and all of your other monthly obligations, you can get a mortgage, assuming good creditworthiness and other factors.

Qualifying for a mortgage is dependent upon verifiable income from sources that will continue, not just employment. Also, if you are over age 65, you may qualify for a reverse mortgage, with no verifiable income.
0 votes Thank Flag Link Thu May 23, 2013
It would be very unusual unless you put down 80-90%.
0 votes Thank Flag Link Thu May 23, 2013
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