Home Buying in Muskegon>Question Details

Steve2lori, Both Buyer and Seller in Muskegon, MI

Can we get a mortgage based on one job and spouses monthly unemployment?

Asked by Steve2lori, Muskegon, MI Wed Apr 14, 2010

My husband is losing his job at the end of April. We are getting ready to list our house and buy closer to town which will save us a lot on gas. My question is-can we get a mortgage based on my job and include his unemployment?

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Answers

3
Hi Lori,

You will be unable to use your husbands unemployment income to qualify. However, that doesnt mean that you will be unable to purchase a new home. You would just want to apply with your income and credit alone and see if that will work. Please give me a call so that we can run through your scenario and figure out how to make it work. We can remove certain payments from your debt ratio calculation in some cases and if you are going to making money on the sale of your home we could also look at paying off accounts to help you qualify for a larger home on just your income. Where there's a will there's a way!

TJ Malkasian
Mortgage Banker

Top Flite Financial, Inc.
4149 Embassy Dr.
Grand Rapids, MI 49546

P: (877) FHA-QUOTE
P: (616) 433.7066
F: (616) 829.6002
E-mail: TJ@TopFliteFinancial.com
0 votes Thank Flag Link Sat Apr 17, 2010
hi...the real answer is no...unless like robin said that it will continue for three yrs.....it can be included when he goes back to work (hopefully soon)..otherwise, use just your income if you think you will qualify alone.for fha.....if he is off for over six months, then he would need to be at a new job for six months to use his new income..if he is off less than six months...we can use his new income pace to qualify you...as long as he isn't on temporary status, and it is fulltime employment...when the verification of employement is sent to his new employer..he must be permanent...please call if questions..
bob mcclure-
first preferred mortgage
southfield, michigan....
0 votes Thank Flag Link Fri Apr 16, 2010
Any income that you use you must prove that you will be getting for at least 3 years, which I don't think is the case. If you cannot qualify on your income only, maybe you should rent for a while anyway just to see how things go.
0 votes Thank Flag Link Wed Apr 14, 2010
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