Can You Get Home Loan if You Are Unemployed?
A job is an indicator of financial stability, and it is likely to increase your chances to qualify for a mortgage. However, it may not always be impossible to obtain a mortgage even when you are without a job. Here are some of the things you may do to evaluate your options:
Understand the Lender’s Requirements
Different lenders may have different prerequisites for approving home loans. Therefore, you can explore the specific requirements of a lender to see whether you have a chance. Be clear in your mind that lenders will like to see that you have the financial ability to repay the loan according to the agreed terms. So, if you have some income sources even without a job, make sure to provide the details to your lender.
Substantial Cash Reserve
If you have a significant amount of money lying in your bank account, or even if you are simply hoarding hard cash at home, you can present the evidence to your lender to show your financial worth. You can explain to them that you can utilize these spare funds to make your monthly mortgage payments until you get suitable employment.
Irrevocable Job Contract
In certain situations, it is possible that you have secured a job, but it is going to start after a specific time period. You could request your employer in this case to issue an irrevocable employment contract. This might serve as proof that you will have an assured job for a certain minimum period of time. However, these contracts are more likely to apply to certain employment categories, such as doctors, airline pilots, and teachers, but may not be applicable to various other types of jobs.