How to get a mortgage without a full-time job

Getting a mortgage usually requires you to prove you can pay for the loan. If you've had a steady job, you can easily come up with your employer's info and copies of tax statements to prove your income. If you don't have a full-time job, you might not have those documents and you'll be hard pressed to persuade the lender that you can make the loan payments. However, there are options available for people who do not have a full-time job.

Hire a mortgage broker. Mortgage brokers work for several different lenders. If you need a loan that is not atypical, speaking to a mortgage broker may be your best bet because he may know lenders who are more flexible with people who don't have full-time jobs.

Clean up your credit. Having a good credit report will help you prove that you will be responsible in making the payments. Order a copy of your report at Annual Credit Report to see exactly what debts you have been late on and other problems you need to address. If there's anything on your report that is inaccurate, write a letter of dispute to the three credit reporting agencies, Equifax, Transunion and Experian.

Bring all of your payments up to date and make an effort to lower you debt-to-income ratio (a number mortgage lenders look at to determine if you are overextended). To calculate your ratio, take the amount of debt you have and divide it by your income.

Gather any documentation that proves you can pay a mortgage. It will help if you can prove you have had a job consecutively in the last two years.

You can also use documentation to support that you make an income from a part-time job, freelance or contract work, a business, commissions or investments. These documents may sway the lender to give you the loan.

Show any assets you have that you can tap to pay a mortgage. For example, perhaps you are retired and will use retirement accounts to pay your mortgage. You will have to show the lender these assets and prove that they are liquid. The lender will also want to see statements from any retirement income you have, such as Social Security or a pension.

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About the Author

Based in Haddonfield, N.J., Liz Jacobs has been writing professionally since 2003. She started out writing for her school newspaper and since then has been published in "Philadelphia Magazine" and Progressive Business Publications. She also is an online content writer for various websites. She holds a Bachelor of Arts degree in English from Cornell University.

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