Buying Houses Unemployed Investor

by Michael from Rochester, NY USA

Regarding buying houses as an unemployed investor: I was recently laid off from my job. I was making a considerable income and getting ready for my first purchase on a duplex rental property to start my kick-off on my real estate portfolio.

Once I was laid off, my team of real estate and mortgage brokers told me without showing an income, though I have down payment money and a credit score that is in immaculate standing, all hope would be lost for obtaining a mortgage.

I know in the past there were plans that existed called "No Income Mortgages", where decisions were made contingent on other factors, but since last year's economic downfall, I have learned these may cease to exist.

My question is, is there some option that I have overlooked? Thank you for the help and advice.

Kate Answers: Buying Houses Unemployed Investor

Dear Michael, You bring up a good point! Mortgage lending HAS changed. But regardless of what's going on in lending today, have you considered the affordability factor in buying houses as an unemployed investor?

Because in spite of the bank giving a yea or nay to mortgage approval, you are the one who will be responsible to make the monthly house payments for years to come, whether or not you have a renter.

If you feel in spite of being unemployed that you can afford to purchase an investment property, go here to read about real estate investor loans to read about negative cash flow and other real estate investing concerns.

If you remain convinced that investing is affordable, Getting a Mortgage for Rural Properties on 32 Acres sheds some light on alternative sources of money for buying houses.

I have provided links to uncommon information regarding buying and selling a house at the bottom of this page for your convenience. By all means, please let me know if you have more questions.

Michael, take a moment to bookmark Buying Houses as an Unemployed Investor to your favorites and visit often for more home loan tips. You can also invite friends to comment on this page or ask another question of their own like you did.

Best wishes,

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You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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