4 Comments January 31st, 2010

Can we get a home loan if one of us is unemployed?

Ally asked:


My Husband and I are looking to buy a home this year. I have great credit; his is averageand and I make decent money, he is currently unemployed . Will we still get approved for a loan? and is it gonig to hurt us if he gets a new job right before the purchase?

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4 Responses to “Can we get a home loan if one of us is unemployed?”

  1. Linda Says:
    February 3rd, 2010 at 10:35 pm

    No, he should wait until employed to apply. Even if you could get a loan, your interest rates will be higher because of the risk of lending to the unemployed or he who has no source of income. That would be like paying for a foreclosure just in case it happens. They would try to bleed you dry.

  2. tiff m Says:
    February 6th, 2010 at 4:56 am

    Yes you can. My husband and I are in the middle of purchasing a home and I currently don’t work. But they may only put the loan in your name. That’s what they had to do with our loan.

  3. Rush is a band Says:
    February 9th, 2010 at 11:14 am

    You can get a home loan with only 1 person employed. You won’t get to count any ‘income’ from this person because they are unemployed and don’t currently have an income (you can’t count unemployment checks as income either).

    Is this really any different than if 1 person was the home-maker and the couple wanted to buy a house? (it isn’t).

    You can get a loan, but none of his income information will be used.

    If he gets a new job right before the purchase it won’t matter either, since you have to essentially buy the house with your income and credit. Again, you won’t be able to use his income on the application for the loan.

    good luck!

  4. loanmasterone Says:
    February 10th, 2010 at 1:25 pm

    Yes you may apply for and get approved for a mortgage loan even though only one person is working out of the two of you. You must be able to qualify using your income and what you have on your credit report for the both of you.

    Since you are the one that is working the lender will use your credit scores as the basis for approving the mortgage loan.

    There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”