Question by Juanito: Does my unemployment income count when applying for a home loan?
I recently filed for unemployment and I am getting a steady check from the unemployment office. My girlfriend is still employed full-time and her job seems to be stable. We want to see if we qualify for a home loan using her income and my unemployment income. Do you know if my unemployment income counts and if it will help us in getting approved for the loan or if it will hurt us?
Best answer:
Answer by alex
YES…..
What do you think? Answer below!
Are you nuts. This is no time to buy a home. Get your life pulled together and then buy one.
no…..it does not count…would you loan a stranger money that didnt have a job? Dont even bother to let them pull your credit…NO company will approve you for a home loan…Dont listen to some of these idots…you will not get approved….I owned a brokerage for 5 years
I think so. Good luck!
Unless your girlfriend can qualify for a mortgage on her own, you won’t be able to buy a house at this time. Mortgage lenders look for steady, reliable, *long-term* income. They’re not going to give you a loan based only on an “income” that they and you both know will soon be coming to an end.
Typically a subprime/nonconforming loan might allow you to use this income. For conforming/prime loans, it would not. My experience in various lending guidelines require a two year work history in the same line of work or a minimum of 3 years continuance for “special” income. This has applied to SSI, Social Security, Alimony, Lottery Earnings and any other income you can imagine that I have seen. Being that unemployment is only good for 6 mo to 1 year and that future years are not guaranteed if you haven’t worked during that timeframe, this would be income I would say would not normally be allowed. What this will boil down to is each individual lenders guidelines for income usage. While I normally do not recommend using brokers, this might be a time to do so as they have many lending contacts and would do the legwork in finding a lender that might allow this. Good luck.
I don,t think so because the loan agent would be worry about your time limit on unemployment income ? Unemployment have time limit ? I believe you,re to run out of checks at 6 month the most ! Then you need a full time job.
No. UI is temporary income and lenders will not consider it.