If someone is just out of work and collecting unemployment - then no this is not a usable cource of income.
Senior VP of Mortgage Lending
773 290 0455
Quality Mortgage Lending
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
There is one situation in which unemployment compensation can be used to qualify for mortgage financing. Seasonal employees with a history of working and then collecting unemployment every year are allowed by FHA to count the unemployment compensation as income.
I hope this helps and good luck!
Sr. Mortgage Banker
NMLS # 659743
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Please feel free to give me a call with any questions.