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Lost job, collect U/B. Buying $525K house w/ 375K down & 65K cash reserve. Can I get $150K loan?

Lost job, collect U/B. Buying $525K house w/ $375K down & $65K cash reserve. Perfect credit score.  Is it possible to get $150K loan to buy now?  Should I wait until I get a job hopefully end of this year or early next year?
  • August 11 2009 - Westminster
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Answers (3)

tim, zillow doesn't allow phone numbers, emails, ad websites etc.

You will have to tell you loan officer of you job loss, and they will likely deny the loan at that point. Going through with the loan without telling of the job loss  is loan fraud.
  • August 11 2009
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If U/B's are your sole source of income they will not qualify you for a loan. The banks look at ability to repay, for that they want to see steady income. Better to wait until you have a full time job again.
  • August 11 2009
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You will have a tough time qualifying for any kind of mortgage with unemployment as your soul source of income.  Since it's only a temporary deal, lenders will not consider it.

Your best bet would be to put your money in some interest bearing and short term investment such as a six month CD or money market account until you have had a job for a few months.  Lenders also consider "seasoning" when looking at your job.

I'm no expert on mortgage and have an expert to whom I could refer you.  If you'd like their information, please drop me an email at [content removed by moderator for being self promotional] and I'll be happy to put you in touch.

Tim Kunze
[content removed by moderator for being self promotional]
Focusing on ... YOU!!!
  • August 11 2009
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