Can you count unemployment as income when applying for a home loan?

Answer 1

If it is the only source of income they will not except you. If you are married and your spouse makes a good income and your unemployment is not added then you may. If you do add the unemployment they may tell you to wait and reapply when you get gainful employment.

Answer 2

Why would you be applying for a home loan if you're on unemployment? You need to be as financially secure as possible when undertaking a home loan because it's the most important piece of credit you can have. I personally wouldn't even consider someone who was putting down unemployment as an income- it's too risky.

Answer 3

You can count unemployement as income, yes. However, it is not a good idea to apply for a home loan if you are not in a strong financial condition and cannot afford a downpayment.

Answer 4

No, it is temporary income and won't be considered by a lender. If you're drawing unemployment, you're in no position to get a home loan.

Answer 5

Yes, all sources of taxable income can be reported when applying including Unemployment Comp.

Answer 6

No, it's considered temporary income and lenders won't accept it for qualifying. You can use alimony and child support from previous marriages (if that applies), since they are long term. Also social security, disability, annuity payments, even rental income. Anything that would reasonably be considered 'long term" income.

Answer 7

would NOT do it.
keep renting u do not need a house strangling as u drown in debt.
get more jobs develop income save income , in afew years u'll be set to purchase a blessing.