I am sure there are some of you out there who wonder if it is possible to get a home loan if you are unemployed.

You probably think not because most people are convinced that one blip on the income or credit is immediate grounds for disqualification.  Nothing could be further from the truth.

Most mortgage companies want to know credit score. If a borrower has a middle credit score of 620 or higher, he can choose not to disclose income. 

That is a huge advantage for someone whose income situation has not righted itself. There are many variations, but if you are a good credit risk (pay you obligations on time) then chances are good you do not have to prove income.

Ok, let’s get the cat out of the bag, I have been on State Unemployment Insurance for 12 out of the last 24 months and I just got myself a cool new house. How did I do it you ask? Simply put, I maintained my monthly obligations.

On my mortgage application, I was not required to prove income. I only “stated” an income. As long as the amount “stated” is somewhat reasonable the lender requires no verification.

When you pay your bills on time even though your income is not steady, there are mortgage products which will allow you to purchase or refinance a home without disclosing your income.

I rented for five and one half years. My lender did not ask for proof that my rent was paid on time (even though it was).

My lender advanced 100% of the purchase price of the new home. The seller paid all closing costs, taxes and insurance.

Does it get any easier? I don’t think so. 

If your income is not steady, if you’ve been on unemployment for an extended period of time…no worries.

You can buy, you can refi, you can take cash out. 

I’m sorry if this sounds like an infomercial, but it’s important to understand that there is a mortgage for people who are unemployed.