Trulia Oakla…, Home Buyer in Oakland, CA

Will unemployment sink any hopes for a mortgage loan?

Asked by Trulia Oakland, Oakland, CA Mon Apr 29, 2013

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Robert Chome…, , San Diego, CA
Mon Apr 29, 2013
You need to be working to be able to be approved for a mortgage loan. Unemployment cannot be used unless you are a seasonal worker get unemployment every year when you are not working.
0 votes
Mitchell Lub…, Mortgage Broker Or Lender, SHERMAN OAKS, CA
Mon Apr 29, 2013
Probably yes, if you don't have any other source of income in your household, or a co-borrower, other individual, who has a significant income and can qualify together with you for your loan. It is poswsible for a purchase of a new home, but it does not in refinancing of exiasting mortgage.
1 vote
John Juarez, Agent, Fremont, CA
Tue Apr 30, 2013
Qualifying for a mortgage requires a verifiable and dependable source of income to make the required payments. One does not need employment to have qualifying income but that is certainly the most common scenario.

Income can come from a retirement account (IRA, social security, pension), investments (dividends and interest), trust fund, or other verifiable sources.

If the principal source of money to pay your bills, including personal expenses, is derived from employment then it is hard to see how you could take on more debt without that employment.
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Apr 29, 2013
Yes. You need to have a source of if you have a trust fund doled out from your fairy godmother....:)
0 votes
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