Home Buying in 19114>Question Details

Bob, Home Buyer in 19114

can i qualify for a fha loan if im getting unemployment?

Asked by Bob, 19114 Tue Feb 9, 2010

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Are you a union member who gets short term unemployment in between getting assigned to jobs? That might be something that can work. For all other income sources, for any loan, you would have to prove that it is going to continue for at least three years, therefore no matter what unemployment wouldn't qualify.
0 votes Thank Flag Link Wed Feb 10, 2010
The simple answer is no. Generally, lenders want to see 2 years of steady employment in the same line of work to approve you for a FHA loan. Any questions, give me a call.
0 votes Thank Flag Link Wed Feb 10, 2010
Bob, Wish you good luck. Hope you find a job quickly. If you have questions about fha financing you should go to http://www.hud.gov
You can find names of hud approved lenders and counselors.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Wed Feb 10, 2010
Bob; Home ownership is a very serious responsibility. Unemployment payments do not have longevity and are therefore not enough to qualify you for a home loan.

I hope that you can obtain employment soon. I know it is disappointing to not have a job and I wish you all the best!
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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Feb 9, 2010
No, you must be employed to get an FHA loan. Call Jeff at Bank of America and he'll be able to explain in detail how this works. 949-289-5170 It's a case by case scenario. Once you are employed again you might be able to get a loan right away after you've received your first pay check. (This depends on how long you've been out of work.) If you were recently laid off and you just found another job then most likely you'd be able to qualify for a loan right away. If you've been out of work for some time and you find a job and apply for a loan, the underwriter might question the fact that you were out of work for "X" amount of time and you might or might not be approved.
0 votes Thank Flag Link Tue Feb 9, 2010
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