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Answers (4)
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Assuming you are trying to refinance a conventional loan it is possible, subject to some conditions. Conventional guidelines will allow unemployment income to be used to qualify for seasonal employees, such as construction or agricultural workers that don't work in the Winter months.
They are going to want to see a pattern of seasonal employment and unemployment income for the past two years. If your tax returns show unemployment income for the past two years and you're in what is considered a seasonal job with a high likelihood to return to work when the season comes around, it's definitely possible.
Otherwise, you'd have to wait until you are working.
Hope this information helps...
Sincerely,
Greg
- ken4732
- Contributions:2
Thanks for the info. I didn't think so, but thought I would ask. Once I obtain gainful employment, how long should I wait to begin the refinance process?
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
No, unemployment compensation may not be used as stable monthly income for mortgage underwriting as it does not meet the requirement of an anticipated continuance of 3-years.
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
I am not a mortgage broker, but my inclination is no, since most unemployment income is for a finite amount of time that is well below the term of the loan.
is it possible to refinance using unemployment income if you have equity in your home?
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