Is it possible for a jobless individual to apply for a mortgage , even with decent scores? that's impossible right?......Dont the lender have to be sure that an idividual can repay the debt?.....its not something like a simple credit card, even they have minimum income reqirements in order to apply. Break it down in detail fellow creditnetters, elighten me, because I cant see it being possible, we're talking a 15- 30 year commitment, surely you must be able to prove valid income.......talk to me! TIA PEACE & LOVE
There are a lot of people who do not work but still have incomes. Think of a retiree who invwsts wisely and provides a steady income to get her through retirement. She can be jobless and still get a mortgage. That's just one example
Yes it's called a NO DOC loan. If your scores are high enough and you have a decent down payment, you can go the no doc route, which does not require you to document your income. This route is usually for the self employed.
thanks guys for the responces.....but this cat has no job no verifiable anything, no money no retirement, only decent credit, and you mean they can still get a no doc loan....must be some kinda catch!
Most no doc loans will require a 20% or more down payment. And, expect to be charged a 1.5% or more higher rate. Do a "google serach" and just use" no doc loan "as a subject and it'll give you some references.
Maybe I'm reading too much into your message...but, how do you plan on paying your mortgage without MONEY...and to top it off...NO JOB???
Ted you hit the nail on the head that is my point exactly, my buddy insists its possible...I never heard so much bolonga in my existence...LOL.... thanks guys I think I win hands down on the fact that the payments cant be maintained(jobless) so why even go there, yet my bud wins on the point that a loan is obtainable with no job.....thanks guys PEACE & LOVE
