I have 32 k.Credit good. Just laid off.Get 1600 per mth child support.No debt How can I buy a home unemployed?

I have to purchase a home within sixty days. How do I get financing while I am unemployed, altho debt free, have money to put down, and decent credit? My income currently with the layoff is: 2800 per month.I have 32 k.Credit good. Just laid off.Get 1600 per mth child support.No debt How can I buy a home unemployed?
I can't imagine a bank loaning to someone unemployed. I would suggest you keep the 32K for emegency funds. Rent a nice home for a year or so. Get your job situation taken care of. Best of luck.I have 32 k.Credit good. Just laid off.Get 1600 per mth child support.No debt How can I buy a home unemployed?
Frankly, you shouldn't be buying anything, let alone a house, without having stable employment. While your income is now $2800 per month, $1200 of that is unemployment insurance? Unemployment Insurance doesn't last forever and you don't want to be stuck with a mortgage when the UI runs out because then you will be in a big mess financially. If that happens, your credit will be destroyed. Keep your $32K and view it as an Emergency Fund until you get a good job and have a stable long term income. Rent, for now, and keep that $32K to use, part of it anyway, as a down payment when you are in a better position to actually buy. When you do buy, keep your mortgage payment at no more than 25% of your monthly income on a 15 year fixed rate mortgage. If the payment is any more than that, you run the risk of being ';house poor'; and are working just to support the house.
The problem that you have is that a bank will want to know that you can pay the mortgage once you unemployment runs out. Child support may not be considered as income because it isnt a guaranteed income that is available to pay a mortgage.



Look at HUD and VA owned housed and see if you can buy one for cash. Other than that you may have to look once you are employed again.
this will require some real work.



you aren't going to get a traditional loan because the lender will verify your employment and you have none. and you aren't going to assume an existing loan for the same reason -- the lender will verify your employment and you have none.



thus, you need to take over an existing property, or else pay cash.





ok -- with 32k cash available, you can buy an existing mobile home and owe nothing on it. Your monthly payments will be utilities and space rent, plus taxes and insurance. Maybe you can handle that much monthly outflow AS LONG AS you find work before your unemployment runs out.



Taking over an existing property on some private seller deal is possible, although I'm not sure i'd recommend it. Land contract and/or contract for deed and/or rent with option to buy deals from private sellers do exist -- and you need to keep your monthly out of pocket LOW. [Of course, these deals from private sellers are for those with poor credit and/or unverifiable income [or income that can't be attached by court order] and thus have high implied interest rates and/or big markups for the seller, but sometimes you have to take what you can get.]
I have a blog I just made about home loans that might help you.



http://allabouthomeloans.blogspot.com



If I can help you any other way you can leave me a comment on my blog and I'll get back to you. Thanks
Sorry..........you can't...........you have no income...........and............they will check your place of employment........and...........you don't have one.......sorry.........
Well, this calls for guts - do you have guts? - Do not divulge the fact that you've been laid off - you just act as if you are on a paid vacation - or leave of absence. Your credit report will not reflect that you don't work for so and so, until you fill out a brand new application for credit and state a different employer. Stand by your guns, and never say anything about being jobless.