How to Organize Income & Assets - What to do if unemployed
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Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how
to organize your income and assets for a first time home buyer. When applying for your first
home loan you may find yourself without a job, but you do want to purchase a home. And
in many instances, surprisingly enough it is very doable. What you would have to do
is whatever bank you are working with, ask them for a no doc loan. And what that means
is you are not going to give them any documentation on your income or who work for, you are not
going to give them any documentation on how much you make or how much you have in your
bank account or anything. In fact that part of your application is going to be totally
blank. You don't even want to tell them the name of your employer. You don't even want
to tell them the name of your bank. Absolutely blank. And what they will do is structure
your loan as a no doc and be very aware of the rate you may get, it is going to be significantly
different than someone who is giving full documentation. But that is as they say, the
price you have to pay. So if you are unemployed, be prepared to ask for a no doc and be prepared
to get a little higher rate than you normally would get.
