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Updated almost 10 years ago on . Most recent reply

User Stats

328
Posts
101
Votes
Carson Sweezy
  • Rental Property Investor
  • Fairfax, VA
101
Votes |
328
Posts

Lost My Job, Still Buying a House

Carson Sweezy
  • Rental Property Investor
  • Fairfax, VA
Posted

I just lost my job after the company I was working for went under. I have the money saved up for a downpayment on a buy-and-hold, but I wont be able to qualify for a traditional loan now due to my income stream. 

Does anyone have suggestions, hard money lender, small banks, etc that would still provide me with a loan, if I can show that the rental income will cover the mortgage? I'm asking you guys for help. How do I proceed with a home purchase if I won't be able to qualify due to my decreased income stream? I downloaded Brandon's book, and I will surely learn ideas from that as well.

Thanks for the input,

-Carson

Most Popular Reply

User Stats

328
Posts
101
Votes
Carson Sweezy
  • Rental Property Investor
  • Fairfax, VA
101
Votes |
328
Posts
Carson Sweezy
  • Rental Property Investor
  • Fairfax, VA
Replied

@James Wise and @Joshua Springer

Thanks for the words of insight. It is my understanding that banks want 2 years of continuity, either the same job or the same industry/occupation, in addition to the income from that FT job. 

What are your thoughts on getting around this, if an opportunity from a different industry presented itself?

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