We are a couple receiving unemployment compensation. Can we still get approved for a loan to purchase a house?

Asked by Danielle, 15531 Fri Apr 9, 2010

Between the two of us, we make over $2300/month on unemployment benefits.

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Christopher…, Agent, Tarrytown, NY
Sun Jul 29, 2012
Unemployement is never guaranteed and can stop at anytime. Furthermore it is simply an aid for those to get by while they are actively looking for a job. Keep in mind a lender lends money based on your level of risk, there is no way they would ever invest in someone without a job. Chris
0 votes
Cornhole, Renter, Pittsburgh, PA
Sun Jul 29, 2012
Only a retard from PA and, of course, on unemployment, would ask such a stupid question. Get a freaking job and save your money like real people.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sat Apr 10, 2010
If the income is guaranteed to continue for more then 3 years - you could use the income to qualify - BUT

What underwriter in their right mind would approve you without a job?

If you have sufficient income from other sources - such as interest income - annuity income or retirement income you stand a better chance.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
0 votes
Alice Adams, Agent, Knoxville, TN
Fri Apr 9, 2010
As far as I know all lenders require atleast 6 months job history. They prefer 2 years in the same job field or schooling and then a job. You can get a loan with only Social Security payments but not with unemployment.
0 votes
FSBOsuccess, Home Seller, 28590
Fri Apr 9, 2010
I am not sure what is up with everyone, but don't you think you need to secure employment and be settled before buying a house?!?!?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Apr 9, 2010
No, before you can apply for a mortgage you need employment--work on getting a job first, then consider purchasing.
0 votes
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