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if i want a foreclosure home can i refinance my home and buy it if i am un employed at the time of p

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November 11 2009 - Quartz Hill
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Answers (4)

With the changes in mortgage loans, there are no loans available unless you can provide employment income to qualify.  You could get a private loan from a friend or relative and they can lien your property for the mortgage the same as a lender.  You could make them a partner in the purchase of the foreclosure or offer a percentage of the profit.
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November 11 2009
i would suggest you contact a mortgage broker to discuss your situation.
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November 11 2009
Profile picture for wetdawgs
Chances are good that the refinancing with cash out (which is what I'm assuming you are proposing) would not go through if you are unemployed. 
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November 11 2009
Profile picture for sunnyview
I don't think so. I wouldn't think that the underwriters would be willing to lend money for a mortgage if you are not currently employed. You might want to ask the mortgage board directly here if you want to know for sure. The lenders on the board are up to date and can give you a more definite answer than I can.
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November 11 2009
 
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