How Will Unemployment Affect You Buying a House?
Perhaps you were planning on buying a house this year. Then a global pandemic hit, shuttering businesses and causing layoffs across the country. If you are one of the newly unemployed, you are not alone. According to PEW Research, unemployment ranks swelled by more than 14 million due to COVID-19. While it is generally more difficult to qualify for a home loan while you’re unemployed, there are steps to take to get back on track.
A mortgage lender will look for proof that you are able to make monthly loan payments, and will look at your current income sources and credit score.