I am asked by many borrowers about the relation between the home mortgage loans and the unemployment.Every body asks me if it is really possible to get these loans without a job.The answer is NO because of the financial situation which we are experiencing currently.
Is it not possible to home mortgage loans without a job?
Yes.Like i said earlier,getting the mortgage loans is impossible because the lenders are not willing to take any more risks in lending you the money.They are already struggling because of so many foreclosures everyday.Although many solutions have been introduced for preventing the foreclosures,these things have not yet stopped.But these loans were given earlier and were termed as the no doc home loans.
No doc Home loans?
One of my friends asked me if it is possible to get the mortgage loan with a large down payment but with no employment.I said YES ==> Economy was in a much better state earlier and so it was possible to get the no doc home loans.These loans do not need any income proof at all.The major requirements to get these home loans are the good credit and substantial down payment.Nothing else is necessary to get the no doc loans.
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