bjmurva, Home Owner in Newport News, VA

Can I refinance on unemployment?

Asked by bjmurva, Newport News, VA Fri Jul 19, 2013

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Lori Jeltema, Agent, Newport News, VA
Mon Aug 5, 2013
BJmurva, what type of loan do you have?
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Jul 22, 2013
As you know the answer to this is no. However you should know that as soon as you find a job assuming it's a W-2 job that has a regular salary and not overtime, bonus, commission etc you should be able to buy a home with little to no waiting period. Lenders would want a letter to explain but if it makes sense then most UW shouldn't have a problem you being on unemployment and then finding steady work. Hope this was helpful.

Thank You,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes
Pat & Steve…, Agent, Westlake, OH
Sat Jul 20, 2013
No. The lenders are looking for two year of continuous employment. And, they want to see pay stubs. Since you are on unemployment, neither you or the lender can predict what your income will be in the future.
0 votes
Anthony Alle…, Agent, Newport News, VA
Sat Jul 20, 2013
Unfortunately, you can not use unemployment income in order to qualify for a loan. Feel free to contact me directly if you have any more questions.

Best regards;
Anthony Alleva
Loan Officer
NMLSR #384996
Monarch Bank & Mortgage
11815 Fountain Way, 5th Floor
Newport News VA 23606
Direct: (757) 768-9412
eFax: (757) 793-4205

Apply for a loan at:
0 votes
John R Beave…, Agent, Portsmouth, VA
Sat Jul 20, 2013
Most likely you will not be able to refinance without employment. However this is a question best answered by a lender. I suggest you contact you bank or credit union and ask this question of them. Good luck,
0 votes
Kia Goodwine, Agent, Virginia Beach, VA
Fri Jul 19, 2013
Hi.. I want to say no.. they need some tyoe of employment information.. but justto be sure.. if you call me I can give u the number of a . Super mortgage specialist and she can tell you everything you need yo know. You can actually call or text me now.. I'm a night owl.. 757-819-3563
0 votes
Gregorio Den…, , San Diego, CA
Fri Jul 19, 2013
Under certain programs like HARP you may be able to, but in general, the answer is "NO". Unemployment is not considered income and cannot meet the test for continuance.
0 votes
James Wehner, Agent, Scottsdale, AZ
Fri Jul 19, 2013
I would say no. Lenders want to verify employment and the ability to repay the loan. If you are unemployed and collecting unemployment, how can you guarantee the lender that you will be able to repay the loan when your unemployment benefits run out?

As soon as you land a job, hopefully in the same line of work, you could possibly start the refinance process. Your lender will want to see tax returns, last 2 paystubs, 2 months bank statements, and more. They will also verify employment.

Best wishes find a new job!
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