Home Buying in Merced>Question Details

Dominic, Renter in 93483

if unemployed what are my chances of buying now, will be back to work soon. Or how about rent to own.

Asked by Dominic, 93483 Mon Feb 14, 2011

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Dominic - this is a great question in that there are many possibilities. And you won't know for sure until you make a full application with a professional mortgage originator who can analyze your entire application and make suggestions.

Before moving to WA I was 15 years in Sacramento. I've helped seasonal workers on the central valley farms, piecemeal workers, etc. Whether you can qualify for a loan immediately after gaining employment again will depend upon whether unemployment is a regular occurrence in your industry, how long you've been out of work, etc.

Some very general statements - if you've been out of work for only two months out of the last two years, obtain employment in the same line of work, etc. you are probably ok.

If you were a salaried employee before and gain employment that pays you by the hour and the hours are not guaranteed at 40 hours a week...you might have a problem.

Under no circumstance that I can think of will you be able to obtain a loan approval without employment.....unless it's an FHA loan and you have a direct relative that can qualify to co-sign with you.

if you have specific questions or want some additional help, just let us know.
0 votes Thank Flag Link Tue Feb 15, 2011
Hi Dominic, We never recomend rent to own, so many hassles with it as the buyer and generally you pay more for the home than if you bought it right out.
As for unemployment if you won't be out of work longer than 2 or 3 months and you get a job in the same line of work and it's explanable as to why you were out of work usually a bank will accept this.

please remember all other things must be inline as well. Credit, income to debt ratio, and money to purchase.

All the Best

Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Mon Feb 14, 2011
I have seen some buyers' loan got denied at the last minutes when a lender called and checked on employment before funding and HR department said that buyer just got laid off. I don't think you can get a loan now if unemployed. If you get back to work, it is better to be in the same line of work, since lenders usually want to see 2 years of employment in the same line of work. Good luck with everything.
0 votes Thank Flag Link Mon Feb 14, 2011
I suggest you wait until you are back to work, your chances a getting approved by a lender are much better if you are employed.
0 votes Thank Flag Link Mon Feb 14, 2011
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