General Question

AshlynM's avatar

How to get a home loan without a job?

Asked by AshlynM (10562points) April 5th, 2010

If one has a credit score of 782, no credit card debts and no other loans, but doesn’t have a job…

Can they still get a mortgage loan? Or is it impossible?

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18 Answers

DarkScribe's avatar

Why would you want a loan that you cannot service? Nothing but trouble could come from it.

john65pennington's avatar

Most lending institutions require some form of credit history in order to base their loan decision. you may be debt-free, but this is not what the lenders are looking for. and, not having a job is not going to help you with a loan.

If you have no job, how do you expect to pay for the loan?

If i ask this question, so will the lenders.

tedibear's avatar

Unless you have some kind of earned income that you’ve not mentioned, I’m not sure how you would re-pay this loan. And that’s the question that any reputable mortgage lender should ask.

LuckyGuy's avatar

If you can prove you have enough interest bearing assets to cover the loan, your chances are good.
It does beg the question why you are borrowing when you can pay it yourself.

cazzie's avatar

If you’re earning more interest on your money than you’d have to pay in interest on a mortgage… use someone else’s money…

Lightlyseared's avatar

You could a few years ago. They were called NINJA loans (no income no job or assets). They were blamed for the collapse of the world banking sector and bankrupting major banks and several countires.

Now adays, I doubt anyone would even think about lending you enough for a meal out never mind a house.

majorrich's avatar

Every mortgage I’ve ever had made darned sure we had income so that their payment gets made.

cazzie's avatar

If you don’t have a job, we’re trying to assume you have other sources or regular income, like payments, dividends of some sort, from investments. If you don’t have a regular source of income, you won’t get a loan.

jazmina88's avatar

get a business license. it worked for me.and I have been in my home for 5 years.
God provides.

Captain_Fantasy's avatar

A bank would be incredibly foolish to loan money to people who are unable to demonstrate the ability to repay.

cazzie's avatar

@jazmina88 Last I heard, God’s signature wasn’t accepted as a guarantor on loans.

bob_'s avatar

@cazzie What about the Pope’s signature? I’d think he has power of attorney.

tedibear's avatar

@jazmina88 – What does getting a business license have to do with having the income to buy a home? I’m confused…

njnyjobs's avatar

For people who’s income doesn’t come from a paycheck or they don’t want to reveal all to some lender, a home loan is still available but will cost more.

Most homebuyers work for a steady paycheck and are willing to divulge details of their finances in exchange for the best available mortgage loan.

But a lot of buyers don’t draw a steady paycheck from ane employer. They own businesses, make commissions, live off investments, get their income in cash or live a life of crime. Others don’t want to give up their financial privacy and the product that they seek are called “low-doc” and “no-doc” mortgages.

Borrowers pay for the flexibility and privacy of these types of mortgages. They carry higher interest rates than conventional mortgages. Lenders want these borrowers to make substantial down payments and to have excellent credit.

There are three main types of low-doc/no-doc mortgages.

Stated-income mortgages tend to be for people who work but don’t draw regular wages or salary from an employer. That includes self-employed people or those who make a living off commissions or tips.

No-ratio loans are often the right call for wealthy people with complex financial lives, retirees who live off investments and people whose lives are in flux because of divorce, recent death of a spouse, or career change.

No-doc or NINA (no income/no asset verification) mortgages are for creditworthy people who want maximum privacy and can afford to pay for it.

thriftymaid's avatar

If you have huge investments you may be successful. For most of us, employment will be a requisite.

CodePinko's avatar

Take a time machine back to the early aughties.
Or claim to be a minority.

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