I think "the Bag Lady" meant to say that she did NOT have a job. (This is an old post.)
All the lenders I have talked to have indicated that you must be employed in order to qualify for a loan. This is regardless of how much money you put down. They also want you to have a decent credit score. If there are any lenders out there who have different criteria than this, would you please contact me at 817-300-6121?
So what is "a small mortgage"? That depends on your frame of reference, since "small" is a subjective term. Most lenders will not initiate a loan for less than $50,000 these days, simply because they are not making enough return on their investment.
Most people don't have that much cash saved up, but you've asked a good question. There are many ways to solve difficult problems such as the one you have brought up here. Feel free to contact me for an innovative solution to whatever situation you find yourself in. Since I've been selling Real Estate around here for over 32 years, I've seen lots of different ways of skinning the proverbial cat. ~And I don't suggest you call a loan officer first, like most of the agents on here have told you. That is simply passing the buck because they don't know the answers to the questions on here. If you suspect that your situation is NON-standard, then we need to talk first, and devise a plan to package your loan application in such a way as to get you approved for the loan you seek.
Have you considered Owner Financing? If you'll contact me, I'll show you how to make that work for you. There are other things you might do that I don't have space to write about here. Let's talk.
ULTRA Real Estate Services