"Unemployed" income --do I still qualify?
My department closed after 22 years so I'm now in a government training program. My income has been pre-approved for the next 43wks. It's generous and enough to cover mortgage plus expenses. Can I re-fi without a real job? by kingma139 from Cache, Oklahoma. Nov 16th 2020
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
I'm sorry to tell you that the answer is likely to be 'No'. Typically, income that has a short life span, such as unemployment. Cannot or will not be used by underwriters to qualify for a new loan. HOWEVER, I encourage you to try. Without actually seeing the documentation regarding this income source, it is possible it could be used. The worst that happens is they say no. The best is that you actually qualify. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
NO. The rules require all borrowers must prove, document, and verify sufficient ongoing income to safely afford the payments. Unemployment is short term income. Once you start actually working, and obtain an actual couple of pay checks, you should be fine. I lend in IA MN WI SD ND. Find me at MNBestRates.com - NMLS 274132
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