It is known to all that employment history is one factor that lenders are taking into consideration when you are applying for a mortgage. Although it is not absolute, most lenders look at the 2 years employment history as the standard metric. Now the question is, what if you don't have a steady job but you want to buy your own house? Here are some tips to consider to help you in getting that dream house a reality.
Indeed employment history plays an important role in the eyes of any lenders. However, do not forget that there is always an exception to the rule. Yes, it is true that you are not steadily employed within the last 2 years, however, the money you received from your pension, child support or alimony are considered as your income. Hence, this will not stop you from being eligible to get a loan. Even if you are studying or doing military service, this will not hurt you.
Be honest in giving out all the information needed by your potential lender because whether you like it or not they will squeeze all the information necessary for the fast approval of your application. Make sure that you explain everything to them, do not cover up anything. Because if you do, you will find yourself having a hard time paying for a mortgage you cannot afford. Remember that lenders are looking at how you monetize yourself. Your income are weighted differently from your salary, bonuses, and even your commissions.
The main reason why compliance to the guidelines in applying for a loan is strictly followed because the task of loan underwriters is to determine the risk you may cause to the lender. In this way, one important indicator that they will look in terms of future habit is your credit history. Even if you have a low salary but you have a good credit score, this is one key for you you to buy a house even if you don't have a steady job. T is for the reason that will project your future paying habit. In the case where you are unemployed but have some funds to keep afloat, an asset-dissipation loan can be a potential option. In cases like this, your wealth will be the one that will serve as your income.
The ultimate goal of this article is to help you and your lender come up with a plan where you pay the monthly payment based on your actual income and reliability. It is very important that you take this seriously because being a homeowner does not only involved in owning and managing the house. You also have to have a dependable money flow. You may not be ready for now but by making yourself well informed about your options by way of reading finance magazines or articles you wouldn't know, you are already staying inside the house that you have been wanting to buy.
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