I am trying to get a mortgage loan for 45000. I am currently unemployed but i have a very good credit score and excellent credit history. I have 4 months of unemployment left. Im trying to purchase a home for 64000 and use it for rental property. I currently have 19000 in my bank account. What are the chances of me getting a loan???
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ZERO or less. Gainful employment is one the requirements for mortgage approval. If you are on unemployment, you don’t stand a chance, until you are again employed.
Not going to happen
pretty low – you typically need to show that you have the income to cover the payments and up keep.
None at all. Would you give someone that much money knowing up front they have no way to repay it? Come on, you must be brighter then that!
You need a job. What kind of job did you have to afford a $64,000 home? That’s a lot of money in my book.
My mother had a friend who was given a mortgage when she was unemployed and the lender only looked at her past two years tax returns. of course this was back in the mid nineties. I think it is very slim. it depends on your lender. you have to show some type of employment or way to repay the loan. You dont necessarily have to be employed. If you have good credit and substantial savings, they may take that into consideration as well as your tax returns. If you have had consistent employment in the last seven years with income sufficient to repay the loan you are requesting, they may go on faith that you will find employment soon. but in this economy, it is very slim. You will just have to show the lender how you can repay. Thats all. Hope that helps.
Sorry probably none especially with what is currently going on with the banks
I don’t think you have any chance. Even if you want to use the rental as your income, we require you have 2 years of rental business history before we’ll consider it. We don’t count unemployment or any other income that will terminate.
No chance at all. See if you can get the seller to finance the rest. But a smart seller will want the buyer to have a job also. Perhaps have another investor purchase with you who can qualify.
FYI, even after you obtain new employment, it won’t be easy until your employment has stabilized for a bit. This is a different mortgage market now. It could have been done a few years back.
Good luck.
There is no chance.
Positive.