Can I get a home equity LOAN without having a job??

I own a house worth 150,000--outright. No loans, no mortgage. Can I get a home equity loan with no job?

If I don't pay they get my house. So why do I have to have a job? I have a way to pay the loan, that is not the problem. I just want to qualify.

I also only want to borrow, under 20,000.

11 Answers

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  • 1 decade ago
    Best Answer

    Don't do as charmed suggested! Verification of employment is not just a phone call-its tax statements, W-2's, etc. You do have to show ability to pay, if your not working, are you drawing a pension? Social Security? You would qualify as long as your income ratio and payment are fine. Otherwise, you do have to have steady, monthly income.

    Basically if you are on a pension of $1000.00 a month, with utilities, food, phone, insurance, etc are around $600.00 a month, and the home equity payment would be $ 300.00, it would be iffy, as they look at disposable income for auto expenses, clothing etc.

    Don't know enough of your situation to advise if you would or would not qualify. There is also appraisal fees that you must pay up front to get an exact value on your home, they do not go by the PVA assessment, they go by the condition of your home and others in your area, their selling prices, and how long they have been on the market.

  • Anonymous
    1 decade ago

    I did a fairly painless equity line of credit through my current lender, Washington Mutual. There was no fees and the rate is adjustable but right now it's at about 7.5% only on what I use.

    The other option for you would be to refinance. You would get the difference in equity, but then again, you are looking at a mortgage and that might be hard without a job...sorry, maybe that wouldn't work on second thought...

  • 1 decade ago

    Ever heard of a "stated income" loan ? This is a credit scoree driven mortgage loan. You need a mid 620 score to qualify. Basically, you can bite off more than you can chew with this one.

    You could purchase a million dollar home and all you have to do is tell the broker you are comfortable with the payment (and have good scores)

  • 1 decade ago

    Your ability to acquire a loan is normally based on your ability to pay the loan. Since you can prove that you have no emcumbrances upon the house, since you are putting the house up as security, there should be little reason for you to be denied. Of course, some lenders may not see it that way. The would not want to be stuck with your falling down old house.

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  • 1 decade ago

    Just lie and say you have a job and give them a cell number to call and verify. If you have decent credit, meaning no delinquencies in the recent past and you have so much equity in the house, there should be no problem.

  • Anonymous
    1 decade ago

    equity loans may be a bit tricky at times, I suggest you get as much information as possible online on these,

    a good place to start in my humble opinion is:

    http://umgarticles.atspace.com/equity-loan.htm

    a couple of years ago I took an equity loan, however I made some errors, luckily for you they are all tackled in this article.

    good luck

  • Anonymous
    1 decade ago

    yes this type of stuff has happened before....

    a lot of times a bank has tougher rules to follow so maybe try a credit union or a mortgage broker...

    they will ask you a lot of questions and ask you to verify the way your getting the money to repay the loan..

    and if you can prove it to them..most likely you will receive the loan..

    but the credit unions usually have a lower percentage rate..

    GOOD LUCK

    and GOD BLESS

  • Anonymous
    1 decade ago

    If you have a good account statement -lots of money in the bank. But then, you have to proove you can pay back the loan.

    How can you do that without a job?

  • Anonymous
    1 decade ago

    you shouldn't have any problem . as long as you can show the bank that you can make the payments without a job

  • Anonymous
    1 decade ago

    good for you but make sure u pay the monthly fee.

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