do a person need to be employed to purchased a house?
- Anonymous1 decade agoFavorite Answer
That depends on how much money you have and if you need a loan and or you have a income stream that you do not need to work for.
- W. ELv 51 decade ago
Normally yes. Income is verfied my a lender, unless you go stated - or no doc, but they will call your employer to see if you work there, they do not ask about income. A lender likes to know that you are not a "risk" to loose the home. They like to see that you have a income to pay for the mortgage, they are lending your money - - - how would you pay it off, if you are not employed.
If you are self-employed, just show them 2 years of your Taxes.Source(s): Wanda Ellis, Branch Manager, AmeriMortgage Financial Group Mortgage Broker for 7 years and love helping my clients get into a better financial position, Underwrite in the US
- 1 decade ago
Believe it or not, the answer is no. However, that person will need to have enough money to put down on the house so that there will sufficient equity for the lender to feel comfortable.
(Obviously, if someone pays cash for a home, no one cares about how they make money.)
- 1 decade ago
not if you have enough money to pay cash for the house. other option is stable monthly income to pay for mortgage
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- Anonymous1 decade ago
Absolutely not, you just plunk down full cash payment. No one will care whether you work or not.