Financing in Santa Clarita>Question Details

James Brown, Home Buyer in Mojave, CA

would u qualify to by a house on unemployment and side jobs?

Asked by James Brown, Mojave, CA Mon May 23, 2011

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6
I am looking at this from the other perspective: Why on earth would you want to put that on your shoulders? The burden of going through a forclosure is one of the three most stressful things in life. And when you come out the other side, you've got no home, no money and ruined credit. Why don't you get your life together first?
2 votes Thank Flag Link Tue May 24, 2011
There are all kinds of loans out there depending on amount of down payment, credit score, verifiable income and whether a hard money loan is necessary. Let me know more about your search for a home and I'll get you in touch with the best local lenders.

Tony Lewis

RE/MAX of Valencia
0 votes Thank Flag Link Sun Apr 29, 2012
James Brown,

There are several good answers below, so I won't repeat them here. But keep in mind that you're addressing two issues with this question:
1) Income
2) Employment
In the current lending environment, banks want a bulletproof case for both, and two years is the generally accepted minimum time period. Income for the two years will likely be averaged from your tax returns. Employment will need to be verified from all previous employers and you'll want explanation for any gaps.

If you feel you have a strong case, pursue it with a lender. If you know you don't, take that into consideration as well. Let me know if I can assist --- I am happy to help get you on the path to success if you can't qualify today.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue May 24, 2011
Mr Brown,

I can do it. You are probably not going to be able to get bank financing. However i have several lease options and owner will carries that you might want to consider. Properties that are owner will carry or lease options usually do not make it onto the open market. Contact me if you are interrested.

Sincerely,
Rich Szerman
Silver Creek Realty 661-253-3000
0 votes Thank Flag Link Tue May 24, 2011
James,

If you had an employer you steadily worked for at least 2 years, and had periods of unemployment for those 2 years, and it's common to the industry such as being in gardening/landscaping, construction or even the automotive industry, or maybe even in your part of the country it's common, then it can be used to qualify (underwriters want reasonable assurance the unemployment income will continue) - most lenders will require you to be back on the job and use an average of unemployment & employment income.

The amount that will qualify would likely be your employment and unemployment income over a 24 month period.
0 votes Thank Flag Link Mon May 23, 2011
Unemployment and undeclared income will not be counted as income since all income needs to be verified and not have a limited time of payment. You will need to show 2 years of employment at one job or in the same field of work. However there are ways to purchase a home with a cosigner or all cash. Let me know if you would like to disuss this further or if speaking with a lender in confidence would help. Perhaps buying a home in the near future will work for you!
Web Reference: http://www.TonyLewis.com
0 votes Thank Flag Link Mon May 23, 2011
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