would i have to have a job to buy a home?

Asked by Jamie, Alma, MI Sat Feb 19, 2011

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7
Marc White, Agent, Charlotte, NC
Mon Sep 9, 2013
Yes, unless you had another source of income (from other investments or possibly retirement).
0 votes
Jeffrey Peck, Agent, Okemos, MI
Mon Sep 9, 2013
If you are purchasing with cash... no you don't need a job. You will need the proof of funds however.
0 votes
Derek Bauer, Agent, South Lyon, MI
Sun Feb 20, 2011
Usually an income stream needs to be proven, so if it doesn't come from a job, it would need to be consistently coming from somewhere.
0 votes
Barbara Winn…, Agent, Wilmington, DE
Sun Feb 20, 2011
I was able to get my son & daughter a mortgage but my husband and I had to be on the Mortgage and they didn't have a JOB! BWINNINGTON@CBPREF.COM
0 votes
Bill Eckler, Agent, Venice, FL
Sun Feb 20, 2011
Jamie,

Don't know of any lenders that would take the risk of making a loan to an individual without current employment as well as a good work history.

On the other hand, if you are paying cash for the property your employment status becomes a non-issue.

Bill
0 votes
Spirit Messi…, Agent, Tucson, AZ
Sun Feb 20, 2011
If you will be taking a loan, yes. However, talk with a lender & get pre-qualified. Tall with a local lender, if you don't know any then you can start with your bank as you already have a professional relationship with them. If you don't qualify now, they can help so maybe in the future you can get pre-qualified.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Feb 19, 2011
Jamie,
If you paid cash, no. If you are planning to finance, you need income. It can come from other sources than a job, but it must have history, be verifiable and ongoing.
Not long ago we did No Income and Stated Income loans and that is in part why we now have a housing bust.
0 votes
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