how can i buy a house with no job

how can i buy a house with no job

Buying a House with No Job

Finding someone to trust to lend you a large amount of money to buy a house when you’re unemployed may seem like an impossible notion, but it is not. Buyers without jobs have a few options when it comes to purchasing a home.

Focus on your Credit

Your credit score is one of the most important factors in getting approved for a loan. If you are not employed, lenders have to have other ways to assure they will get their money back. To give lenders a better idea of your credit history, check your credit report and score before initiating a loan application. If there are any errors, you must dispute them to ensure that your credit score is accurate.

Document Income Sources

Potential lenders will want to gain some measure of certainty of the buyer’s ability to repay the loan. Even with no job, it is possible to demonstrate that you are going to be able to repay money based on other sources of income, such as:

  • Rental income from a room or unit you own.
  • Retirement account distributions or start a retirement plan if one is not already established.
  • Social security income or disability payments.
  • Investment income such as stocks, dividends and mutual funds.
  • Savings accounts and savings bonds.
  • Gifts of income.

Summerize your Financial Profile

Producing records that clearly show your current financial status will improve your chances of gaining approval. Include in your report:

  • Proof of liquid assets and investments.
  • A list of current debts, their balances and minimum monthly payments.
  • Proof of non-traditional sources of income and duration.

Talk to a Mortgage Lender

If you can document assured sources of repayments, a lender may be willing to approve you for a loan. Get pre-approved before visiting a real estate office. Knowing your buying power beforehand will help you in negotiating a better home deal.

Find a Cosigner

If you know someone who is financially independent and has a good credit score and a stable job, you may want to ask them to cosign for your loan. They will take on a large risk by cosigning for you. If you decide to go down this route, be sure to discuss the terms arrangements with your cosigner and lawyer, and be sure you understand any undue liability.

Without a job, buying a house is not an easy task, but proper preparation and a willingness to explore creative financing options, buying a house with no job may be attainable.


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