{"id":1046,"date":"2020-10-28T06:00:27","date_gmt":"2020-10-28T10:00:27","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1046"},"modified":"2024-04-25T23:20:28","modified_gmt":"2024-04-26T03:20:28","slug":"unemployment-and-the-hopeful-home-buyer","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/unemployment-and-the-hopeful-home-buyer\/","title":{"rendered":"Unemployment and the Hopeful Home Buyer"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/unemployment-home-buying.jpg\" alt=\"Image of a person with a marker in their hand looking out a window with sticky notes on it. Captioned: Unemployment and the Hopeful Home Buyer\" class=\"wp-image-1047\" width=\"504\" height=\"336\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/unemployment-home-buying.jpg 672w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/10\/unemployment-home-buying-300x200.jpg 300w\" sizes=\"auto, (max-width: 504px) 100vw, 504px\" \/><\/figure><\/div>\n\n\n\n<p>The coronavirus pandemic of 2020 led to a rise in\nunemployment. Many hopeful home buyers watched the derailing of their plans \u2014 if\nnot a full-fledged train wreck. Some have been forced to wait until they\u2019re\nemployed again before applying for a mortgage. But not everybody is in a position\nto wait. Some will still be able to qualify for a loan, albeit a smaller loan, after\nan income drop. And those who were laid off or furloughed may ask: &nbsp;<\/p>\n\n\n\n<p><strong><em>Do Unemployment or Stimulus Payments Count as Income\nWhen Applying for a Mortgage?<\/em><\/strong><\/p>\n\n\n\n<p>The short answer is no.<\/p>\n\n\n\n<p>Of course, where law and finances converge, there\u2019s always a\nlong answer, too. In this article we look at situations where unemployment\npayments <em>might<\/em> help, where they <em>don\u2019t<\/em> help, and how to get back\non the track from a period of joblessness. The thread you\u2019ll see running\nthrough this article is the<em> regularity <\/em>of the income a mortgage company\nwants to see before it approves an applicant.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong><em>Typically, Unemployment Payments Aren\u2019t Regular, Stable\nIncome. <\/em><\/strong><\/p>\n\n\n\n<p>If it\u2019s not income that will reliably help you pay down debt\nover many years, money that comes from the government does not help a home\nshopper qualify for a mortgage loan. That\u2019s also why earnings from a business\nyou closed won\u2019t count: those earnings are no indication of what you\u2019ll have in\nthe future to pay off your loan. Lenders have the legal responsibility to decide\nthat the borrower is showing reasonable proof of the ability to handle a 15- or\n30-year obligation.&nbsp; &nbsp;<\/p>\n\n\n\n<p>Unemployment compensation <em>can<\/em> be a regular event,\nthough, for people who work in the leisure and construction sectors where\nemployees are laid off between seasons and contracts. For these applicants, a mortgage\nrepresentative may request a company\u2019s confirmation that it expect to rehire\nthe home buyer in the next work cycle. <\/p>\n\n\n\n<p><strong><em>Do You Have a History of (Two Years or More) Seasonal\nUnemployment? <\/em><\/strong><\/p>\n\n\n\n<p>If unemployment benefits constitute your sole income stream,\nor you cannot show future likelihood of employment, getting a mortgage loan\napproval will probably not be possible at this time. But Freddie Mac, Fannie\nMae,&nbsp;and government-backed mortgages count unemployment income in these\ncircumstances:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Fannie and Freddie:<\/strong> Conventional loan\napplicants must show proof of collecting unemployment benefits for at least two\nyears, and have verified future employment. Maternity leave or short-term disability\nleave for medical reasons should not impact the loan application. If you\ndecided to start up your own business or take contract jobs, and can show\nsuccessful self-employment for at least one continuous year after working\nearlier in the same field, you may qualify for a conventional mortgage. In the\nwake of the shutdowns, self-employed workers need to come up with&nbsp;<a href=\"https:\/\/guide.freddiemac.com\/app\/guide\/bulletin\/2020-19\" target=\"_blank\" rel=\"noreferrer noopener\">extra\ndocumentation<\/a>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Federal Housing Administration (FHA-backed mortgage loans): <\/strong>The applicant must show proof of collecting unemployment benefits for at least two years, and \u201cthere must be <a href=\"https:\/\/www.fhanewsblog.com\/2016\/01\/fha-home-loan-rules-for-employment-seasonal-work-family-businesses\/#:~:text=FHA%20Home%20Loan%20Rules%20For%20Employment%3A%20Seasonal%20Work%2C%20Family%20Businesses,-In%20our%20last&amp;text=%E2%80%9CThe%20Mortgagee%20may%20consider%20Employment,rehired%20for%20the%20next%20season.\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">reasonable assurance<\/a> that this income will continue.\u201d<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Department of Veterans Affairs (<a href=\"https:\/\/www.benefits.va.gov\/WARMS\/docs\/admin26\/pamphlet\/pam26_7\/ch04.doc\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">VA loans<\/a>):<\/strong> Mortgage loan eligibility can regard unemployment payments as income. The applicant must show proof that unemployment benefits are \u201ca regular part of the applicant\u2019s income due to the nature of his or her employment (for example, seasonal work).\u201d<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Department of Agriculture (USDA loans):<\/strong> Proof\nis only necessary to show income received for one year, although the\nUSDA&nbsp;encourages lenders to review the previous two-year\nemployment&nbsp;history.<\/li><\/ul>\n\n\n\n<p>The above criteria will not answer the whole eligibility\nquestion, though. Also needed is the minimum credit score, down payment, and acceptable\ndebt-to-income ratio. That means your income, during the part of the year you do\nwork, must reach a certain level. If it does, you can qualify based on your\nblended regular and unemployment income, taking into account your yearly average\nover two years or more. As a rule, expect your mortgage broker to ask you for tax\nreturns for the past two years, including the declaration of unemployment on\nthe <a href=\"https:\/\/www.irs.gov\/individuals\/employees\/unemployment-compensation\" target=\"_blank\" rel=\"noreferrer noopener\">federal returns<\/a>, and the employer\u2019s verification of past\nwork and future expected work. <\/p>\n\n\n\n<p><strong><em>Government Stimulus Payments Do Not Count as\nReportable Income.&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p>The\u00a0Coronavirus Aid, Relief, and Economic Security (CARES) Act provided <a href=\"https:\/\/www.usa.gov\/mortgages\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">federal mortgage support<\/a>, and also supplied emergency cash injections to U.S. businesses and taxpayers, to offset a nationwide wave of job market losses. In Spring 2020, the federal government issued $1,200 in stimulus\u00a0payments to most people, $2,400 to married couples, and $500 for each child under age 17. Since May 2000, there have been other financial assistance proposals. At the time of publication, we are still waiting to see what comes. <\/p>\n\n\n\n<p>But here\u2019s what you need to know now: the stimulus payments\nare not taxable, and don\u2019t count in taxpayers\u2019 2020 taxable income.&nbsp;And your\ngeneral rule for mortgage applications is this. If you can\u2019t report it as\nincome, you can\u2019t count it for a mortgage.<\/p>\n\n\n\n<p><strong><em>Just Getting Back to Work? <\/em><\/strong><\/p>\n\n\n\n<p>Lenders usually insist on two years of continuous employment,\nyet this is situation-specific, so talk with several mortgage specialists if\nyou hit a wall on the first try. <\/p>\n\n\n\n<p>After finding a new job, many people resume their home searches\nwhen they\u2019ve been in their new roles for at least six months. Past unemployment\nshouldn&#8217;t rule out eligibility, and for people who are going back to work in\nthe same field they were in, recent unemployment payments may count as\nqualifying income.<\/p>\n\n\n\n<p>Breaks in employment occurring more than two years ago shouldn\u2019t\naffect loan eligibility at all. If your credit score dipped during a period of unemployment,\ncreate a record of on-time payments month after month and you\u2019ll soon see the\nnumber rise again. Like your credit score, your debt-to-income ratio should\nrebound when you\u2019re drawing employment income again.<\/p>\n\n\n\n<p><strong><em>Do You Have Other Income Sources to Qualify?<\/em><\/strong><\/p>\n\n\n\n<p>Some people have income that\u2019s not tied to an employer. This\ncould come from a retirement account, social security, a court settlement,&nbsp;royalties,\na life insurance policy, a trust or inheritance, or investment properties. People\nwho earn rental property income (not just Airbnb) can use it; apartment and\nroom leases constitute regular income. <\/p>\n\n\n\n<p>Some mortgage lenders accept non-employment income if the\napplicant has substantial savings, and a good credit score without heavy debt. If\nthe applicant is a big spender, different story. The lender wants to be sure\nthe borrower has a good credit record, is a motivated saver, and is well\npositioned to pay the loan back.<\/p>\n\n\n\n<p><strong><em>Already Own Your Home and Concerned About Layoffs?<\/em><\/strong><\/p>\n\n\n\n<p>Applying for unemployment benefits may help, if your state offers\nunemployment mortgage assistance to homeowners who receive unemployment payments.\nIf your state cannot help and believe you are headed for difficulty making your\nmonthly mortgage payments, other resources are available: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/servicing-guide.fanniemae.com\/COVID-19\/COVID-FAQs\/1809075871\/Where-can-I-find-the-COVID-19-Frequently-Asked-Questions-Servicing.htm\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Fannie Mae and Freddie Mac<\/a> offer pandemic-related unemployment mortgage assistance to homeowners whose loans they back. <\/li><li>If you pay private mortgage insurance (PMI), ask your lender if the policy can offer some assistance to you at this time. <\/li><li>If you have trouble talking with your mortgage representative about relief, get free advice from the federal government by calling 888-995-HOPE.<\/li><\/ul>\n\n\n\n<p>If foreclosure is imminent:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Learn about the <a href=\"https:\/\/www.makinghomeaffordable.gov\/documents\/hafa\/chase.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Affordable Foreclosure Alternatives (PDF)<\/a> that assist homeowners interested in pursuing a <a href=\"https:\/\/www.deeds.com\/articles\/understanding-the-deed-in-lieu-of-foreclosure-process\/\">deed in lieu of foreclosure<\/a>.<\/li><li>See HUD\u2019s page on <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.hud.gov\/topics\/avoiding_foreclosure\" target=\"_blank\">avoiding foreclosure<\/a> to learn more. <\/li><\/ul>\n\n\n\n<p>There is also insurance for this situation. Your insurance agent or state realtors\u2019 association may offer loan coverage help through <a href=\"https:\/\/homeguides.sfgate.com\/can-buy-insurance-cover-mortgage-im-laid-off-91622.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">mortgage unemployment\u00a0insurance<\/a>. This does not help self-employed or contract workers, and it can have a number of limitations, so talk with your mortgage provider and ask for details about the terms and conditions.<\/p>\n\n\n\n<p><strong><em>Life Is Uncertain. Protect Your Debt-to-Income Ratio.<\/em><\/strong><\/p>\n\n\n\n<p>During periods of unemployment, conserve cash if you can.\nAvoid racking up credit, as you\u2019ll need to guard your debt-to-income ratio if\nyou plan to buy a home in the near future. To calculate this ratio, divide your\ntotal monthly debt payments by your monthly income before taxes.&nbsp;The idea\nis to keep the debt down to 43% or less of your gross income. That ceiling will\nbe a deciding factor when you\u2019re ready to apply \u2014 unless you have other\nfinancial strengths to convince a lender that you\u2019ll be able to faithfully\nrepay your mortgage loan. <\/p>\n\n\n\n<p>Meanwhile, no matter what your current situation is, talk\nwith a mortgage specialist active in your area. There is some leeway in the\napplication process, so don\u2019t assume unemployment rules you out as an\napplicant. If it does in your case, a good mortgage expert can give you\npointers to help get you back on track as soon as possible.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/unsplash.com\/photos\/hZWK1jcYy8g\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Magnet.me<\/a>, via Unsplash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The coronavirus pandemic of 2020 led to a rise in unemployment. Many hopeful home buyers watched the derailing of their plans \u2014 if not a full-fledged train wreck. Some have been forced to wait until they\u2019re employed again before applying for a mortgage. But not everybody is in a position to wait. Some will still [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1046","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unemployment and the Hopeful Home Buyer - Deeds.com<\/title>\n<meta name=\"description\" content=\"Some have been forced to wait until they\u2019re employed again before applying for a mortgage. 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