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Mike Martin
Northwood Realty Services
9840 Old Perry Highway
Wexford, PA, 15090
Office: 412-367-3200
Cell: 412-215-5814
mmartin@northwood.com
www.Northwood.com
can an unemployed person get a loan? | Print |

Can someone who is unemployed get a loan?

Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments.
However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These "no-doc" loans are common among self-employed people who say they earn a certain amount of money but whose income tax returns show that their earnings are much lower.
Borrowers should check directly with lenders when seeking a no-doc loan. If specific lenders do not offer them, ask for a referral.


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