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can a bank lend house loan who are unemployed??

My wife and I are thinking of moving from Portland,OR to Spokane,WA. Neither one of us has any employment prospects yet there but would like to move to Spokane, because we heard a lot about affordable properties compares to Portland. I had worked at same company for 8 years but left just few months ago. We have lived in existing house for 2 years and never had late mortgage payment. I believe our credit rating is good. We need to sell the house first before the move and was given a compensation package from former employer with eligiblity to receive unemployment benefit.
 
We both liked a particular house we saw on zillow's listing asking for $59,900 and possibly be able to put 20% down payment upon selling of our house here in Portland.
 
The question is can we still be able to obtain housing loan with unemployment benefit or are there other factors or criteria banks look for in when applying for housing loan...? 

  • August 07 2012 - Spokane
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Answers (4)

Profile picture for user0218176
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  • June 25 2013
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Banks are willing to make loans as long as you should an ability to repay them.  If you have a trust fund, expected windfall or assets that you can pledge as collateral, then the lender might be willing to do the transaction.

Some individuals will prefer to borrow money (doesn't Facebook's Mark Zuckerberg still have student loans outstanding?) to preserve their liquidity and to take advantage of advantageous rates.  If you are such an individual with collateral, I would be surprised if you were unable to find a nontraditional, creative lender.
  • August 08 2012
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If you are of the age where you are allowed to take withdrawls from your IRA, that income can be used to qualify.

If you set up automatic deposits that provide sufficent income to keep your debt ratio below 45% - you can purchase.  (provided there is enough in the IRA for continued withdrawls for 3 years)

If you decide to come out of retirement and get a job, cancel the withdrawls.

Other option is you can purchase as soon as you get a job offer and have a hire date.  Sterling Bank even allows qualified borrowers close on the home before they recieve their first paycheck (please contact me for details)

  • August 08 2012
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A bank won't lend you money without some proof of income. And since unemployment benefits eventually run out, it's not considered a source of income.
  • August 07 2012
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