Will it be difficult to buy a home if i have excellent credit and not have a job.?
Answers:
Get the home loan first and then find a new job before you quit your current one.
No one will give you a loan if you don't have a job.
Either don't quit your job or find a new one before you do. No bank will give you a loan for a house if you are unemployed.
You should get the mortgage approved and finalized before you quit. Though, it is a really dumb move to buy a new home without a job.
Quit your job after you have started making payments on the home. Or get a new job and don't buy a new home until you have a job.
Find a new job before you quit and try to find one with better pay and it shouldn't be a problem
Not an true expert, but, my understanding is income is very important unless you have big savings to play with.
Hello,
YES, But it can be done if your credit is as ggod as you say it is. I would research "stated income loans" Make sure can make the payments and ask a banker about them.
Stated income loans are given more on credit score than income.
Any bank loaning you money will want to know how you are going to pay them back. so you might want to give that some thought.
Good Luck and don't default because it makes intrest rates go up.
Regardless of your great credit, buying a home will be extremely difficult (if not impossible) if you have no job. I recently just bought a car with excellent credit, but I had to make sure that I stayed at my current job (even though I hate it) until after I had the vehicle. So if it's hard to get a car while you're in-between jobs, then it will be very difficult to get a house. To a realtor and the bank that loans you the money for the mortgage, no job means no income, and you're too high of a risk (even with good credit). They have no idea how long you will be out of work, and so they're not going to risk you missing payments because of no job.
You should secure the home loan first. Even if you have good credit and a job, they will still look at your stability factor. If you've just switched jobs, or have switched jobs a lot, it will be viewed as a risk to them.
Keep your job until you get the house. However, you may want to have another job lined up so you don't foreclose. With great credit you can get one of those No Doc loans but I hear they're not a good idea.
with almost any type of loan you need proof 2 years employment..so yeah dont think about it or win the lottery
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...