About Mortgage Benefits for Unemployed Borrowers

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In order to acquire a mortgage from a bank or mortgage company, a person needs a verifiable income source. Find out how insurance policies can protect a person from a work-related injury with help from a financial specialist in this free video on mortgage assistance and personal finance.

Part of the Video Series: Mortgage Assistance
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Video Transcript

Hi this is Matthew McKillen with Innovative Financial Group. The question posed to me today is what type of mortgage benefits are available for the unemployed borrower? First off to acquire a mortgage from a bank or a mortgage company you do have to have a verifiable income source, you have to have some type of job history. FHA has loosened the guidelines a bit more than conventional loans in regards to maybe gaps of employment but traditionally we like to see at least six months on a job in order to acquire a loan and there are some insurance policies that are available on mortgages that do protect the homeowner in case of a disability where over a certain period of time the mortgage payment can be made by a separate insurance agency. There are also some policies that can be purchased outside of the mortgage that also covers for a layoff or for an unemployment situation so as I stated before you have to have a job in order to qualify for a mortgage but secondly if you do become disabled on short term or long term or if there is unemployment situation involved there are separate policies that can be purchased that will cover the losses. Again my name is Matt McKillen with Innovative Financial Group.


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