Can Unemployment Insurance be Used to Qualify for a Mortgage?
The short answer as to whether you can use unemployment income to qualify for a mortgage is “no”,. This is because lenders want to know (with as much certainty as there can be about anything) that your income stream will continue for at least 3 years into the future. That is unlikely if not impossible with regards to unemployment income.
Having said that there are exceptions for seasonal workers. So if someone works in an occupation in which seasonal work is the norm (for example workers in ski resorts) and it is typical for workers to get laid off at the end of the season and then re-hired once the new season begins it MAY be possible to use unemployment income.
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If you need a help with any California home mortgage related questions: purchase or refinance please call me at (925) 951.8896