Was pre-approved, lost my job, can I get a mortgage without it?

[Brian H.]

Hi folks, 

I have a question: Is it possible to get a mortgage without having  a job? Here's the situation... I work in architecture and used to work construction. I would really like to transition to small-scale, residential community development (buy and hold rehabbing in rougher neighborhoods). I was looking for a 3 or 4-flat and was pre-approved for 300k+. I then got laid off from my job (about 2 months ago, now). I assume my pre-approval is no longer worth anything, but is it possible to still get some kind of mortgage with no current income? 

I'm looking at a small multi-unit that is on sale for about 140k. I have 20% of that for a down-payment and excellent credit (750+). This first property I would ideally move into (owner-occupy) if it works out. Is there any chance I can get a decent mortgage? I was hoping not to have to partner or do private money or anything like that to start (though it is an option). 

Any thoughts on this?

[Andrew Postell]

@Brian H. based on what you described above you would need a mortgage type that would be willing to ignore your income. That would mean either you have very strong assets or very strong net worth. The loan terms would look something like a 20 year ARM type of a loan from a smaller bank. There are 30 year fixed rate mortgages that will ignore income if you can show experience/history of rental properties ("showing" meaning your tax returns). Not impossible to get a mortgage but you will be much more limited to the types of loans you will have. Tag me with any other questions on this topic. Thanks!