Is it possible to buy a home without being employed ?

Question

Moving to a new area from overseas due to BRAC (military civilian). Can a house be purchased without employment? Even though you have enough Money for the down payment & know that you will be rehired by the same company with-in 6-months.

Answer 1

If you are really dead-set o getting this particular house right now, my advice on this is to consult a mortgage specialist/mortgage broker to review your options. There are mortgage plans for military employees; the potential fly in the ointment is the gap in employment...but there are some services that can help in situations like this. Given that you have the funds for the DP, they should be able to work with you, especially considering you'll only have a 6-month gap.

Having said that, however...if you don't absolutely need this particular house right away, I'd consider renting short-term until you're employed again...it'll make things a whole lot easier.

Hope this info helped.

Answer 2

not unless you can prove you have the $$$$ to pay for it. ... Who would sell to you or finance a house for you if you can't show income?  Maybe with a "letter of intent" from your employer, but even then, any mtg. co. wants to see current income.  Maybe you should get an interim job and just rent until you are hired back .

Answer 3

that will be a no...better find an appartment or efficiency..then save your money for later speech

Answer 4

I wouldn't recommend it even if you know you will be rehired.  But it's all up to your bank whether or not they'll lend you the money or not.

Answer 5

If you are on on some sort of fixed income (have money coming in some way or another).. They can be hard to find, but certain places would "approve" you. I was going to get a house even though I (and another family member) are on social security.. but it was very hard to get decent monthly payments, something better worked out for us so we didn't go that route.. But I would think, if you do some digging, you could get lucky.

Answer 6

Absolutely. Find a good local mortgage consultant who specializes or atleast somewhat educated in military loan programs (even if you're not active in the military, he or she can provide with better deals than straight civilian programs). If you walk into any major banks (lender), you will probably not be able to compare and shop for the best deal versus if you go to a mom-and-pop brokerage (broker), which are typically more flexible and are willing to work with pretty much any file.

Answer 7

You should be able to depending on how much u plan on putting down, u may have to get to contact someone in the area u are planning on moving, to be certain...