moving to houston missed payments on current CA mortgage but house is now in escrow.

Can we get pre-approval for a purchase if we are under unemployment but could put in 20% downpayment for a 200K loan?
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September 19 2013 - US
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Answers (2)

Only Private Money as you will NOT qualify for a Traditional Mortgage with current mortgage lates and being unemployed. Good luck with that as most Private Lenders will require  25-30% down particularly in your situation, but you might get lucky.
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September 20 2013
No, you cannot get pre-approved using unemployment income. Once you've found a position (assuming same line of work), then you will want to speak with a lender in your area to work with. Since you missed two mortgage payments, I guarantee your credit score is in bad shape.
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September 19 2013
 
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