RSSThe More You Can Provide documentation and Mortgage company, the more loan options you Will has. Typically, Mortgage companies want to verify a Potential Borrower’s income so They CAN DETERMINE HIS ability to pay the Mortgage payments. Getting a home loan Without A job is Possible with Creative Mortgage Options.
Step 1
Provide the lender with copies of your federal tax returns for the past 2 years if you are self-employed. Self-employment income qualifies as job income with lenders.
Step 2
Apply for a no-documentation (no doc) home loan if you have good credit. A no-doc home loan does not require that you verify, disclose or show documentation of your income, but it usually requires credit scores of 700 or above.
Step 3
Apply for a no-ration loan if you possess a lot of assets. A no-ration loan looks at your assets instead of your income to determine your eligibility for a home loan. The credit score requirements for a no-ration loan are similar to the requirements for a no-doc loan. Good credit, with a score of 700 or above, is usually required.
Step 4
Find a cosigner who has verifiable income to go on the home loan with you. The cosigner’s income is used to meet eligibility requirements for the loan. In the event you do not make the payments or default on the loan, the cosigner is financially responsible for the balance owed on the home.
Step 5
Negotiate a deal with a homeowner to carry the financing for your purchase of her home. When the owner carries the financing, she acts as if she is the bank, and the monthly mortgage payments are paid directly to her. Use a real estate lawyer to help you look over or make the purchase agreement to assure you enter a fair financing deal.
Tips & Warnings
Your choices for obtaining a home loan when you do not have a job are limited. Work with a mortgage broker or ask a Realtor for a referral to mortgage companies that offer home loans for people who are in your financial situation.
Be on the lookout for mortgage scams and predatory lenders. Use the service of a real estate lawyer to avoid entering into a bad financing contract that could result in your losing money or even the house you purchased.
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