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Can I get a home mortgage without proof of employment?

I was working for the last three years and have been gearing up to buy a home, but I was just laid off last week. They did give me a severance of three months of half my pay and I do have some possible leads to a new job starting next year. Will this affect my ability to get a mortgage come January or February? I have great credit, low 800's, and a hefty savings/investment account of roughly 125k. The homes I am interested in are 345k and 355k. by the198_472_169 from San Mateo, California. Dec 21st 2011 Reply


Your employment situation should not affect your purchase unless you:1) Do not have a position before you apply for your mortgage2) Are a hourly wage earner and needed to count overtime to qualify3) Are on probation or considered Temporary at your new employer4) Change from a W2 Employee to a 1099 independent contractor.If you would like to discuss actual program options, I can be contact at 800.908.5050 Bill Smalley or 510.507.0538 (after business hours) Mission Hills FHA203k Branch Manager

Dec 21st 2011
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D Rah (Dhhbnhjnnb)
#551 ranked lender in California - 14 contributions

Hi, I would advice you to get another job first before applying for loan as every mortage company wants to verify proof of income to check the ability to repay the loan.once you find a jo call me and will do the best for you get a loan 9167209008

Dec 21st 2011
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Crestico Funding (CresticoFunding)
#313 ranked lender in California - 337 contributions

Hello, If you are looking for a Conventional or Goverment Financing Such as Fannie Mae, Freddie Mac or FHA loans you must be employed at the time of your application and through out your mortgage process untill the loan has been funded and redcoreded by the county, however we have some portfolio loan programs similar to Fannie Mae and Freddie Mac that might work for your situation. Please feel free to call or email me directly with any questions you may have by clicking on my profile picture.Houtan Hormozian, Houtan.Hormozian@CresticoFunding.com - (310) 933-4748

Dec 21st 2011
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Hans Bruhner (Hans Bruhner)
#2 ranked lender in California - 117 contributions

Bill Smalley has the best answer and I gave it a thumbs up. The two things I would add are that you want to try and stay in a similar line of work and if you earn bonus or commissions, it would be much like overtime, we may not be able to count it. The best thing possible is to get a salried position in the same line of work and then you should be OK but no job typically means no loan.

Dec 21st 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Timing is going to dictate whether or not your employment situation will impact your ability to buy. If you are between jobs and relying on Severance or Unemployment, most lenders will not use that income because its continuance is finite. In other words, it will stop. Once you have found new employment, even if it is in a different field, most lenders will want an explanation regarding the break in employment, but generally it will not kill your chances of approval. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you.

Dec 21st 2011
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 258 contributions

If you can get a new job relatively soon, preferably in the same line of work, and a persuasive letter of explanation can be written explaining the employment gap, you should be able to purchase a home. I wrtie letters of explanation for my clients because they have to be written in a particular manner in order to be accepted by the lenders. I did one for a nurse in the Bay area who had a 6 month employment gap and she was successful in getting the loan. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Dec 23rd 2011
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