Can I get mortgage if im on Unemployment?

Hi Biz,
27 year old on unemployment...
It's running out, and I want to try to borrow 3-5 x my networth on pacific northwest real estate (ghettos of seattle, or shitholes of portland).

I have the money, and my plan is to get 3 roommates, and just rent them out...

I would be cash flow positive, and I have the emergency (new roof) cash, but how can I make it look like my 900 every other week, or more money looks like a legitimate job?

Also looking into mobile home parks...

Other urls found in this thread:

rocket.quickenloans.com/purchase/get-started
zillow.com/homedetails/545-Browning-Ave-SE-Salem-OR-97302/53006356_zpid/
twitter.com/SFWRedditVideos

> Can I get mortgage if im on Unemployment?

>I have the money

what does this mean?

Lets say I have 500k
I want to buy a 200k home, but only want to put 40k, and get a mortgage of 160k.

Can I spoof my income?
Like transfer money into my main account from my dad's bank account, and repay my dad?

Exactly what even the fuck are you talking about OP. You obviously don't even know what any of this shit means yourself. You will not be cashflow positive if you are 3 to 5 times your own worth IN DEBT you nignog. Meanwhile rental cost is exploding in those areas, there are no cheap shitholes to immediately buy and rent out. Read a book and try again.

ummm lets say it's in the shit capital towns like olympia or salem

cap rates are 7%, and I would be cash flow positive from get go...

I would start buying/mortgaging places that I could outright buy....

If you can afford them, then just buy them.

because i think interest rates are going up
and 30 year fixed at 4% sounds sweet

You sure can. It's called mortgage fraud. Google it.

Well if he hires me to work at his company, pays me, then fires me after....

Then that is legal?

>seeking legal advice from a thai lemon juicing board

yes, but you're probably underestimating how long you'll have to work to get your mortgage.

I mean they won't even consider you without 3 weeks income, and they're going to look at your income at least 3 years back. Start working now and maybe you'll be ready next time rates drop.

For any conventional or FHA loan, you will have to show a continuance letter of how long your benefits will continue for and show your taxes for the last 2 years to qualify your income.

If you go alt/subprime, you might be able to borrow but it will be at high rates liek 8-12% and need to put liek 25% down.

But for the most part, no underwriter will approve a loan when they see benefits running out within a year and no other source of income.

Now if it was for another 5-10 years, thats a different story. They could use that as income. I've seen a lady buy a house on multiple child support checks alone.

they require 2 months back on bank statements. Anything before that is seasoned. Also a large transfer like that will raise flags with the IRS.

I dont need large transfers...
I mean i have a few hundred thousand in brokerages under my name.

I am just talking about a 4000 dollar "salary" he pays me, and in turn I might give him a couple OZ of gold.

>doesn't understand the difference between consumer debt and equity financing/leverage
>talks shit to enterprising user who probably has the best plan posted on here this week.

No you cannot. You clearly don't understand how mortgages work, loser.

How about stop mooching off of daddy, unemployment, and pick up a finance book?

Try Quicken Loans but I guarantee the underwriters would deny your ass so fast, your head would spin.

how will a finance book solve my problems... I already have about twenty of them

Because you clearly don't understand the process of how a mortgage works, how underwriting works, or the income requirements for a mortgage. They don't give a shit if you have cash or stock or bonds or whatever the fuck you've got.

They want to see that you have JOB HISTORY and a continual flow of income from said job as well as a good DTI on top of other things.

do you think lending tree is best place to start?
Will a 3 month job at McD's count, and do they care if the house is couple hundred miles from where I work?

This is a troll. You're making my sides split, dude.

your confusing desperate with troll

basically, what are the requirements to get a loan of 160k. I have another 40k down, great credit score, and great employment history except 8 months of 2016

What type of property and what's your credit score?

Actually screw that, just go on LendingTree and see the rates and if you'd get a pre-approval.

single family house for simplicity sake.
credit score of 760

In what city and state?

salem or olympia

rocket.quickenloans.com/purchase/get-started

Try that

went to lending tree

price seemed a bit steep, and the guy essentially said "inquiry of a loan is a 2 point hit, for the hard pull"

I said I was self-employed not unemployed...

He said they dont care, they just look at previous years income taxes, and want to see checks or paystubs.

Will they average last years income + this years income, or do you know a good place to start studying mortgage underwriting?

I don't believe you. They wouldn't give you an answer in 9 minutes.

n the traditional lending process, a bank will require you to provide proof that you are employed and have a stable source of income at the time of closing. For the most part, lenders will not close on a mortgage loan if you are getting unemployment benefits. Even if you are able to establish an equity position in the property with a substantial down payment, the bank will still want to know that you have the means to make the monthly mortgage payments.
Furloughed Workers

Sometimes workers are required to take a furlough. State employees in California and Wisconsin have had to take furloughs in recent years. Workers in some states are eligible for unemployment benefits if they are furloughed for more than seven days. Even though most workers on furlough go back to their jobs at the end of that time off, banks would tend to shy away from allowing someone to close if they are collecting unemployment while on furlough. A furlough can be lengthy, and in some cases permanent. Mortgage lenders would rather see you collecting a paycheck.
Employment History

Lenders will typically want to see that the borrower has been working for his current employer for at least two years. They may want to see an even longer employment record if the worker has switched to a new occupation. Employment and income stability are key components of the mortgage underwriting process. The bottom line in nearly all cases is you need a job to close on a mortgage. The lender also will usually run a credit check right before closing -- maybe even the day of the closing. Loan officers will slam the brakes on the whole closing process if they detect any hint that you will have trouble repaying the loan.
Limited Duration

(cont)

Unemployment compensation is not permanent income, only a short-term source of funds to help keep you afloat until you get another job. Mortgage lenders want to have a reasonable assurance that you will have the money to repay the bank over the next 15 to 30 years, depending on the length of your mortgage. There is no guarantee you will have a job with sufficient income when the unemployment checks run out.
Possible Exceptions

You may be able to close on a mortgage while on unemployment in some circumstances. You may have a spouse who earns enough to pay the mortgage. You may have enough residual income from other sources that can cover the mortgage payment. A large net worth also might make a difference. If you have a substantial amount of liquid assets, the bank may allow you to close on a mortgage while on unemployment as long as some of your assets are held in reserve as a guarantee for the mortgage payments. Good luck trying any of these routes. The bank is still likely to advise you to come back after you get a job.

Technically I didn't apply yet, so i'm sure they lied.

Here is an example of a slum I want to buy.


zillow.com/homedetails/545-Browning-Ave-SE-Salem-OR-97302/53006356_zpid/

It's super cheap, I dont understand why a McD's worker making 10 an hour wouldn't qualify, assuming they had credit at 760, and a 20% or greater down payment?

I know I'm tehcnically not working right now, but i'm still paying taxes.

Don't the loan originators just sell off the conforming loans to a place like fannie or freddie mac anyways, and get paid for the loan origination, not the servicing of the loan/debt?

I have to go meet a family member, thanks for questions, il be back on Veeky Forums in a few hours...

Definitely the most useful help ive gotten from Veeky Forums