Do you mean you have no job or do you mean you don't have money for a down payment?
If you have no job, then you cannot qualify for a mortgage. Lenders look at 3 things primarily when evaluating an applicant: Credit, Income, and Down Payment.
If you don't have any savings, then there are a couple things you can do.
1. Wait until you can save some money
2. Get a gift from a family member
3. Seek out a 0% down program
Saving money is important if you want to be a home owner. Being able to afford the payment is only one aspect of owning a home. In addition to saving up for a down payment, you also need to be prepared for the unexpected. When your furnace goes out or you need a new roof there is no landlord to take care of it for you. If something like this would cripple you then maybe it's better to rent.
FHA loans permit you to get a gift from a relative for any funds needed to purchase a home - down payment, closing costs, taxes, etc. This is a good program for people who are well qualified but maybe challenged in the funds department.
There are a small handful of 0% down loans available, but usually the require special qualifications and not every one can get them. VA, for example, is a loan program for Veterans only. To get a USDA loan, you need to be purchasing a home in a qualified area AND your household income cannot exceed certain limits.
Feel free to give me a call and I can walk you through your options.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078