Category: Qualify No Job

CAN YOU FINANCE A HOME WITHOUT A JOB?

CAN YOU FINANCE A HOME WITHOUT A JOB?

  Were you in the process of financing a home and now you’ve found yourself without a job? Is that a problem? Many have been temporarily laid-off due to current times but there are other forms of compensation you may not have considered.   Here are some forms of compensation that are acceptable to apply for a loan, other than income from a job:

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DODD-FRANK ACT

The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law arose due to the absurdity of the types of loans that were being made during the mortgage crisis. Lenders initially interpreted this rule that the borrower needed to be employed, or have a steady income to qualify; this is one of the reasons why it...

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HOW TO QUALIFY WITHOUT A JOB

The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law arose due to the absurdity of the types of loans that were being made during the mortgage crisis. Lenders initially interpreted this rule that the borrower needed to be employed, or have a steady income to qualify; this is one of the reasons why it...

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