In a society that revolves around money, assets and credit, you would think that trying to get a mortgage with no job would be impossible. But that is not always the case and not having a job is not necessarily a barrier to obtaining a mortgage. A new type of mortgage loan makes it possible for people who cannot verify income for one reason or another to qualify for a loan.
- Skill level:
- Moderately Challenging
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Apply for a No Income No Asset (NINA) mortgage loan. This type of loan does not require documentation of income or assets, but relies solely upon credit rating and a verifiable credit history. A credit rating of 650 and above is required to qualify. Be advised that while this type of loan does not require income disclosure, the interest rates are much higher than one with a prime rate.
Apply for a Stated Income/Stated Asset (SISA) mortgage loan. This type of mortgage is ideal for someone who is self-employed or receives a commission instead of a paycheck. This mortgage requires the borrower to state his or her income and assets on the application. Income tax returns can verify income for the past two years. The more information you can document, the lower the interest rate will be.
Apply for an Alternative loan. This type of loan allows the borrower to use tax returns and bank statements as proof of income.
Get a co-signer to qualify for the loan. Someone with a good credit rating and verifiable employment will usually qualify for a loan.
Tips and warnings
- Talk with a lender about other options that may be available. When the economy is bad, the housing market suffers so lenders are sometimes willing to be more flexible. Also, a larger down payment minimises the risk to the lender, which may help to convince him or her to approve your loan.
- Your credit rating and history will be a consideration with some types loans and a down payment will be required. You will also need proof that you can repay the loan. These types of loans may not be available in all 50 states or may have limitations.
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