Can I get a mortgage for a house? I just lost my job, and I'm 20.?

Question

I'm trying to find a way to purchase a less than $200,000 house to rent out a few rooms to friends as to live for free or cheap. My credit is okay for a 20 year old, but I just recently lost my job. Of course I'm trying to get another job right now, but how long do I need to work at my next job to be able to get a mortgage? Also, I might be able to do a nice fat down payment. So basically, I'm trying to find a way to purchase a house even with the lack of my job. Any suggestions would help!
--Alex

What are these "No Doc" loans? Also, my credit score was like a 645 about 6 months ago. It has probably improved since then.

Answer 1

You will never qualify for a mortgage without a job. When an analyst reviews your credit, they look for job stability. For instance, if you were at your previous job for awhile(2 yrs min.) the analyst will consider it positive. The truth is, if you just started a job and you were at your old job for atleast 2 years, your chances for qualifying for the morgage increases tremendously. Other than that, a house is easier to qualify for than a car..... Kinda makes you wonder...

Answer 2

No, you can't get a mortgage without a job, unless you have someone else to go on the mortgage with you that has the income and credit to qualify.

Also, you say that your credit is ok for a 20 year old, that doesn't sound too good. What is ok? Generally, lenders want a borrower to be on their job, or in the same line of work for two years, although there are occassionally exceptions to this rule.

You need to be able to prove to a lender that you are stable, in your finances, credit and employment.This is what they look for.

Find a job and stay at it, build your credit up and you'll be able to qualify for a mortgage before too long.

Answer 3

I bought a condo when I was 19 while in college and while working part time as a bus boy at a restaurant. Then I got a roommate. Bought a $500K TH a few years later and did the same thing, albeit with a much better job. The two roommates nearly paid for it. It's smart. You can do it.

Things you'll need: a co-signor. Mom? Dad? This is a must. A fat downpayment helps. A job also helps; see co-signor. Also, a mortgage broker. They tend to be more flexible than a traditional bank.

Answer 4

No way. You will have to proove your worth with working a job for a few years and also have enough back up for in case you loose the job again. Who pays if you aren't working. The bank is not taking a chance on your buddies you can bet on that, neither would I. So, save that money and maybe in 10 yrs with a steady job history you might get the mortgage. The economy isn't that great right now...haven't you heard?

Answer 5

in case you could no longer pay your human being loan, then faster or later, some months down the line you receives a notification of foreclosure out of your monetary company, suggested through the actually experience as in case you do not voluntarily go away the premises, the community sheriff will come knocking to eliminate you and your resources. Then your homestead will pass on the wide-spread public sale block and be bought for even if will be raised, as banks aren't from now on fascinated in properly dollar, in trouble-free words unloading the tens of thousands of homes in inventory. you receives even if proceeds are left, because you do have two decades of central funds, after the monetary company receives its money from the last mortgage, all prices linked with foreclosure, and the different consequences it sounds like imposing.

Answer 6

If you were a mortgage company, would you loan yourself money? to get a mortgage you have to be able to make the monthly payment on your own, not with some hypothetical money you hope to round up from some friends.

Answer 7

don,t listen to these people go for it apply on line and see

Answer 8

apply online


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