The lenders can not require mortgage to a homeowner who has a job or self-employed to give you a mortgage . They may require that the owner proves that receives income sufficient to pay the mortgage . There are certain things that a mortgage lender must consider when approving a mortgage . This includes stability and source of income of the borrower. While this may come from employment income, you can also come from some sources also unemployed.

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Join unemployment
Most lenders do not allow mortgage homeowners who receive income from unemployment using the income from work to qualify for the mortgage . The reason is that most unemployment benefits last only 26 weeks. This may vary if the state or federal governments decide to extend the benefits, but the extensions are rarely long enough to qualify for a loan. Most lenders want to know whether mortgage revenue received from non-employment sources are likely to continue for at least three years.

 

Temporary workers
Mortgage companies treat seasonal workers differently than they do with other workers. Sometimes seasonal workers are fired regularly at a certain time of the year. For example, farm laborers may be laid off during the winter months and then rehired again each spring. Sometimes these laborers receiving unemployment insurance during the winter each year. If the pawn is under two year history of this situation, then the lender may use to qualify for a mortgage .

 
Alimony and child support
Some people are unemployed because they choose not to work and not have to work. Sometimes this includes people who receive alimony or child support. These borrowers may qualify using alimony payments and child support if they can demonstrate that they have regularly received income for at least two years and a divorce decree which states that should receive the income for at least three years after the loan closing. If they get enough in alimony and child support to qualify for the loan, the lender may approve a loan only using this income.

 

Investment Income
Some owners do not work because they have enough assets to live. The lenders treat the income from investments in two different ways. The lenders will take into account the amount of interest and dividends paid by an investment as income as long as the Annex B of the 1040 tax returns reflecting the income . The lender usually requires a two-year history of tax returns to verify receipt of the income . Homeowners who withdraw their assets on a monthly basis also qualify using asset depletion. This is different from simply spending accrued interest, but is using the capital asset to pay the bills. Some lenders do not use these revenues to qualify unless a structured carrier, for example, mandatory withdrawals from IRA, 401k or annuities.