How can i get a loan with no job but great credit?

Asked by Austin, Chicago, IL Sat Jun 25, 2011

real estate loan

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4
Anna M Brocco, Agent, Williston Park, NY
Sun Jun 26, 2011
To consider, without employment how do you expect to start paying back the loan, what about property maintenance/regular upkeep/unexpected repairs costs, utilities costs, etc.
0 votes
Terry Perdue, Agent, Chicago, IL
Sun Jun 26, 2011
I would say that you might be able to get a loan with a down payment and proof of continued income. I am sure people who receive a retirement check, veteran benefits, disability or social security are all forms of continued income. Feel free to discuss your personal situation with a lender or your can contact me and I can give you some recommendations.
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sat Jun 25, 2011
You could get a co-signer that has enough qualifying employment & income for their debts as well as the new home mortgage you'd obtain together.

Generally the less preferred route is that you could opt for a private/hard money loan as long as you have enough of a down payment, as those types of lenders are primarily concerned with if they had to take back the home from you could they pay off their loan.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Jun 25, 2011
Austin,
Lenders like good credit, but they need to know you'll be able to keep it. If you don't have a job but have a reasonable stream of income or substantial assets, you may get a loan. If you have no income, you won't qualify for a conventional loan.
0 votes
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