No job Income Advice Newbie Investor

[Shakeema E. Romero]

Hi I am new to real estate investing. I have pretty good credit and have about some money saved, No credit card debt, I do have student loans. I would like to start investing in property the problem is I lost my job in July. Would I need to have job income to qualify for loans? Will I qualify for anything. I really don't want to have to go back to work if I don't need to.  Any advice would be great. 

[Blake Dennis]

I went through the same sort of situation. I was recently released from prison and quickly gained employment. Although you just lost your job here is how the situation is similar. The bank requires work history. after 3 months and having decent credit, the bank said they wouldnt lend me on a conventional loan unless I showed 2 years work history. With that said, they could keep the loan "in house" and lend on a ARM, but only after I show 1 year work history. I have money for a down payment, credit is good and I make an OK wage. Still doesnt matter. They want to see that you have that work history. Now we wait.. Good luck though. I do know there are other ways to finance a property. I called some local investors in my area, and they happen to loan money as well on a 2% margin compared to what the bank charges with a respectable down payment. So there is ways to do it if you dont want to use a bank. Oh yeah, I also asked about a Co- signer and the loan originator said I still needed the work history. Again, this was just one bank. I plan on talking to some of the local banks in the area, just to start building relationships and seeing what they have to offer. Just becaue someone says no, doesnt mean you cant. there is always a way if you really want to do something.. Good luck!