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CR 22
Lv 4
CR 22 asked in Business & FinanceCredit · 1 decade ago

Getting approved for a home loan AND unemployed and searching for work?

Ok..

My wife and I are wanting to buy a house. I have been unemployed and employed off and on over the last 18 months, but prior to that I spent almost a decade with the same company. I am most likely going to be starting a new job soon (hopefully), but I don't know whether or not we will be pre-qualified for a substantial enough amount of money with my work history. We were pre-qualified for almost enough money with just my wife's income alone and we both have excellent credit scores, but my concern is that even if I do start a job some time in the near future, we will still not be approved due to my "spotty" job history over the last 18 months.

So my question is is home ownership for us just a pipe dream until I have 2 years of verifiable employment or are we likely to get qualified either way as soon as I resume working again?

Update:

We already got approved for 110k with just my wife's income alone. We're looking to get a house around 150k so, money-wise i really only need to take in about 1200$ a month to make this happen, which is a very small income.

Update 2:

I am not asking whether or not I will get approved for a loan while I'm unemployed. I'm not stupid enough to think I will. WHAT I AM asking is whether or not I will be approved directly AFTER I resume working.

Update 3:

AND If you're trying to scam me or anyone else on here get the hell off!

4 Answers

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  • bloomorningglory
    Lv 7
    1 decade ago
    Favorite Answer

    They generally like to see a history of employment, usually at least a year, preferably two. Steady in the same company or at least the same industry/position. I wouldn't say it's impossible but it will be harder to find someone to approve a loan using both your incomes if you start a new job and apply shortly after. Good luck!

  • ?
    Lv 7
    1 decade ago

    No you need 40k for a down payment and 6k for closing costs since all your are pre approved for is 110k You have no income and will not be able to be on the mortgage. Yes you need 2 yrs full time employment

  • Go with the flow
    Lv 7
    1 decade ago

    You know your two options.

    Get the house for 110,000 and don't count your income at all.

    OR... wait and get two years of full employment history...

  • pickmefirstplz
    Lv 7
    1 decade ago

    I think its going to depend on how much house you want to buy

    Source(s): p
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