Stacy B asked:
I am currently in the process of house hunting and have been pre qualified for a FHA Loan. I am a first time home buyer with good credit and a good job. However, I just found out that I will be laid off in two weeks. Can I still get a loan on unemployment? Would having a cosigner help?
Alex
I am currently in the process of house hunting and have been pre qualified for a FHA Loan. I am a first time home buyer with good credit and a good job. However, I just found out that I will be laid off in two weeks. Can I still get a loan on unemployment? Would having a cosigner help?
Alex
Esther
You will likely have to show bank and income statements for the last 3 months. Depending upon when you close, they might not know you got laid off and may give you the loan… Here’s the thing though. Do you really want to have a mortgage hanging over your head when you have no job and no source of income? What if you can’t find a new job? Not only could you lose your home but your equity down-payment, personal belongings, and your good credit. It would be much more advisable to wait until you have the assurance of a steady income to make such a momentous fiscal step.
Ignore all these spamming idiots who posted before me. They are just trying to get your business and put you into a loan you don’t need.
Comment by Blaugh! — March 13, 2009 @ 9:38 pm
Clarence
No you can not. In order to get any mortgage loan you will need to prove that you will have income coming in permanently and as we all know unemployment is not permanent.
Don’t be fooled by the people here who are trying to make money off of you. If you can’t a job or at least, lets say lotto winnings will be coming in for at least the next 5 years forget it.
Sorry but better harsh then people get suckered in.
Comment by Mike S — March 14, 2009 @ 4:50 am
Heather
no loan if unemployed.
do not ask a cosigner. that is terrible place to put a friend or family member to backstop a loan of yours.
wait til you get another job and then you will be fine.
Comment by David Z — March 14, 2009 @ 9:20 pm
Virginia
The bank that pre-qualified you will verify your employment again on or just before the closing date. When they call your employer and are told that you were laid off, they will cancel your closing immediately. This can even occur the day of the closing. If you know you are being laid off, postpone your house hunting until you are employed again. Because in this economy, your unemployment (which is about 60% of your current income) can run out before you find another job.
I don’t think you want to get right down to the closing day and have the mortgage and closing canceled that same day.
Comment by starrfyrre — March 17, 2009 @ 2:45 pm
Constance
You will have to be employed to get a mortgage. You say you have a good job but you have no job in two weeks. Wait until you have a stable job to buy a house. Don’t put yourself in financial jeopardy.
Comment by Lisa L — March 18, 2009 @ 2:51 pm
Michelle
No. As a lender we verbally verify your employment the day of closing. You also sign a form for FHA at closing stating you have done nothing that would change the decision- such as file bankruptcy, lose your job, opened new accounts etc. The intentional fraud has severe Federal penalties. Get another job first- you will need at least one new paystub from the new job before you can close. Good luck!
Comment by Beverly S — March 20, 2009 @ 12:18 am
Jim
No LEGITIMATE lender will make you a loan if you are unemployed. Please beware of people that promise to do so – especially at ridiculously low rates of interest. They are scammers.
Comment by Kathy B — March 21, 2009 @ 2:43 am
Darryl
Nope! It’s hard enough to get a mortgage when you have a job these days. You will have to wait until you have found another job. The mortgage co will verify your job prior to closing.
Comment by Danielle M — March 23, 2009 @ 4:30 am
Florence
Stacy are you for real? No you no longer qualify for a loan.
Comment by Alterfemego — March 25, 2009 @ 3:11 pm