What are the chances of a 45 000 mortgage, if the current unemployment?

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I try to get a mortgage for 45000th I am currently unemployed, but I have a very good credit and excellent credit ratings. I have 4 months of unemployment left. Im trying to buy a house for 64000 and the use of the object. I currently have 19,000 in my bank account. What are the chances of making me a loan?

  1. Reply
    April 29, 2011 at 11:39 pm

    ZERO or less. Gainful employment is one the requirements for mortgage approval. If you are on unemployment, you don’t stand a chance, until you are again employed.

  2. Reply
    April 30, 2011 at 12:18 am

    Not going to happen

  3. Reply
    Alan G
    April 30, 2011 at 12:35 am

    pretty low – you typically need to show that you have the income to cover the payments and up keep.

  4. Reply
    April 30, 2011 at 12:36 am

    None at all. Would you give someone that much money knowing up front they have no way to repay it? Come on, you must be brighter then that!

  5. Reply
    April 30, 2011 at 1:12 am

    You need a job. What kind of job did you have to afford a $ 64,000 home? That’s a lot of money in my book.

  6. Reply
    ♣Miss PerSepHonE♣
    April 30, 2011 at 2:03 am

    My mother had a friend who was given a mortgage when she was unemployed and the lender only looked at her past two years tax returns. of course this was back in the mid nineties. I think it is very slim. it depends on your lender. you have to show some type of employment or way to repay the loan. You dont necessarily have to be employed. If you have good credit and substantial savings, they may take that into consideration as well as your tax returns. If you have had consistent employment in the last seven years with income sufficient to repay the loan you are requesting, they may go on faith that you will find employment soon. but in this economy, it is very slim. You will just have to show the lender how you can repay. Thats all. Hope that helps.

  7. Reply
    curious 1
    April 30, 2011 at 2:46 am

    Sorry probably none especially with what is currently going on with the banks

  8. Reply
    April 30, 2011 at 3:41 am

    I don’t think you have any chance. Even if you want to use the rental as your income, we require you have 2 years of rental business history before we’ll consider it. We don’t count unemployment or any other income that will terminate.

  9. Reply
    April 30, 2011 at 3:52 am

    No chance at all. See if you can get the seller to finance the rest. But a smart seller will want the buyer to have a job also. Perhaps have another investor purchase with you who can qualify.

    FYI, even after you obtain new employment, it won’t be easy until your employment has stabilized for a bit. This is a different mortgage market now. It could have been done a few years back.

    Good luck.

  10. Reply
    Danielle M
    April 30, 2011 at 4:48 am

    There is no chance.

  11. Reply
    April 30, 2011 at 5:21 am


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