Taking a Mortage without a JOB

[Terri Stoddard]

How difficult is it to obtain a mortgage - even with 800+ credit, if you wait to take out a mortgage until after quitting your job?

[Chris Mason]

Originally posted by @Terri Stoddard:

Thank you for your reply. I am considering a possible near term retirement, with three guaranteed income streams and other assets that are not pledged in any way. I was wondering if this would make a difference. Also, currently in the process of deciding whether this would be a primary residence or rental.

Mortgage-qualifying income need not only be a job. There just needs to be income. For example, the following 'count'...

- Rental income.

- Annuities.

- Social security.

- Permanent disability.

- Capital gains with a strong history of receipt and probability of continuance. 

- Mortgages wherein you are the lender and your borrower isn't a deadbeat.

- Alimony wherein the ex spouse isn't a deadbeat.

- Child support wherein the other parent isn't a deadbeat. 

- Self employment that is honestly reported on tax returns.

- List continues. 

Sources of income that are temporary or that cannot be verified generally do not count. Unemployment is an example of temporary, and alimony paid in physical hundred dollar bills going directly into your wallet/purse is an example of "might be real, but can't be verified."