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Updated over 6 years ago,
Was pre-approved, lost my job, can I get a mortgage without it?
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?