: Lenders use your liquid assets (savings, stocks, retirement accounts) to calculate a "theoretical" monthly income. For example, a lender might divide your total assets by 360 months to determine qualifying income.
Because of the increased risk, lenders typically require stronger "compensating factors" if you don't have a job: can i buy a house with no job
: These "non-QM" (non-qualified mortgage) loans focus on your credit score and assets rather than traditional pay stubs, though they often carry significantly higher interest rates. Stricter Requirements for Unemployed Borrowers : Lenders use your liquid assets (savings, stocks,
: Lenders often demand a minimum score of 680 to 720 for those without W-2 income, compared to roughly 620 for traditional borrowers. Pensions and retirement account distributions
: You may be required to show 6 to 12 months of mortgage payments set aside in savings.
: You can qualify using documented, steady income from non-employment sources such as: Social Security or disability benefits. Pensions and retirement account distributions. Investment dividends or interest. Court-ordered alimony or child support. Rental income from other owned properties.