Between Jobs, out of work or claim very little income
Can you get a mortgage with no income proof?
You can get a mortgage with no income proof when you have enough home equity. Lenders can provide home equity loans with no proof of income up to 75%. Your homes value and its location are main factors. Best rate no income proof mortgage will come at lower loan to values and decent credit. These products are offered through non-conventional or private lenders.
Can I get a mortgage if I just changed jobs?
If you have obtained a salaried job and are not in a probationary period, you may qualify for financing through a bank.
If you just changed jobs and are in a probationary period or commissioned or Self-employed then you may still qualify for financing, but it will likely be in the alternative mortgage market or private mortgage market.
Can I get a mortgage if I just lost my job and I am out of work?
You can get financing on your home to assist in bridging yourself between jobs. This will also be in the private mortgage market. Loan to value ratio will determine how much you will be able to takeout. If you have a lot of home equity lenders will likely approve you with no or not many conditions. If you are requesting a higher loan to value loan some lenders may require a prepaid mortgage for a year allowing you to concentrate on finding work rather than making payments.
Can I get a Mortgage if I am moving to a new town for work?
If you are switching towns but you continue at the same company or if your new employer will waive the 3 month probationary period you can apply for financing with a traditional mortgage lender. If you are still in a probationary period you will likely only qualify with a B-Lender or Private Mortgage Lender.
Low rate no income verification mortgages
The lowest rate no income mortgages are stated income products. These are provided by banks & B-Lenders. Stated income products like these do still require verification of taxes filed and some programs are asset driven.