What to Do if Unemployed

Video Transcript

"Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan you may find yourself without a job, but you do want to purchase a home. And in many instances, surprisingly enough it is very doable. What you would have to do is whatever bank you are working with, ask them for a no doc loan. And what that means is you are not going to give them any documentation on your income or who work for, you are not going to give them any documentation on how much you make or how much you have in your bank account or anything. In fact that part of your application is going to be totally blank. You don't even want to tell them the name of your employer. You don't even want to tell them the name of your bank. Absolutely blank. And what they will do is structure your loan as a no doc and be very aware of the rate you may get, it is going to be significantly different than someone who is giving full documentation. But that is as they say, the price you have to pay. So if you are unemployed, be prepared to ask for a no doc and be prepared to get a little higher rate than you normally would get."