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Can I still qualify for a mortgage if I have to go on unemployment briefly?

I'm currently a contracted SLP in a school and was contracted to work 30 hours a week. In NJ. The school year will be ending in a week and I did find another position, but it's only per diem and ranging from 5-10 hours a week. My fiance and I are looking to get a house soon so I'm not sure if the part time unemployment would hurt our chances. by Kristi.caputo395 from Matawan, New Jersey. Jun 15th 2014 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Hi Kristi! If your unemployment is considered "seasonal", it may qualify, but you would need to prove a 2 year history of collecting this unemployment. If you are getting paid on a per diem basis, I would doubt that this income could be counted, unless again, you have a 2 year history and can get a letter from the employer the provides documentation of your minimum hours per week of per diem work. Good Luck!

Jun 15th 2014
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Yes, but my question is if going on the unemployment would hurt my chances of getting a mortgage even if I would still be working and it would be for a shirt amount of time.

Jun 15th 2014
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Len Herbert (LenHerbert)
#125 ranked lender in New Jersey - 10 contributions

Good morning Kristi. Collecting unemployment will not hurt your chances of obtaining a loan however, you and your fiance will need to qualify for the loan based on your income assets, and credit and your new part time employment may not be able to be used to help you qualify. If you'd like to have a discussion I would be happy to have one with you. I can be reached on my cell at 732-684-5771. Thank you Kristi and have a great day.

Jun 16th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,588 contributions

Not an easy question to answer without knowing all the numbers.. but in general, you can collection unemployment, but the income will not be considered when evaluating your debt to income ratios.. Lenders require that your income has the potential to continue for 2 to 3 years, and unemployment is not a stable form of income.. So long as your fiance earns enough income on her own to qualify for the home, you should be ok.. but your part time income and unemployment income is not likely to be considered. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 16th 2014
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Sharon Duffy (sduffy)
#72 ranked lender in Pennsylvania - 595 contributions

Hi Kristi..Why don't you give me a call and I can answer all of your questions. Sharon

Jun 16th 2014
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Jason Vondrak (jvondrak)
#219 ranked lender in California - 1,741 contributions

By going on unemployment, you will not hurt your chances of qualifying for a mortgage. However, you and your finance must make enough income to qualify. You will be asked to provide a two year income history, which will prove how much you make a year and can be expected to continue making each year with your current employment position.

Jun 16th 2014
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