May 21, 2020
With mortgage rates too fantastic to ignore, jumping into a northern New Jersey home purchase probably sounds like a great idea….but even with such low rates, the decision to take on mortgage debt shouldn’t be made without thought and consideration.
Believe it or not, even in this time of uncertainty and sudden unemployment, even if you are one of the many receiving unemployment benefits instead of a regular paycheck at this time, a mortgage isn’t out of the question.
Especially if you had been planning a purchase this year, and until March you were building your credit scores. As long as you were already putting what you could aside for things like down payments and closing costs, you might find yourself surprisingly eligible to go ahead with your purchase!
Though it may seem counterintuitive, qualifying for a mortgage with money from unemployment is a possibility. When you consider that some job types function historically on hire/layoff cycles, like a construction worker for example. They can be extremely busy during certain seasons and months of the year and yet, spend other months on unemployment while awaiting the next project assignment. With the current health concerns, unemployment payments, with a recent job history could mean a yes on a mortgage application!
Similar to all income types, history is a key ingredient. Mortgage applicants who wish to use unemployment income to qualify must show that they have both worked and collected unemployment in a fairly consistent manner for at least two years.
So yes, you can buy a house right now!
Ouch indeed! Inventory of resale homes has been low, low, low now and in the recent past. Current events have clearly not helped that situation, and in fact, have contributed to even deeper lows in the case of housing inventory. It also isn’t helpful that new home building permits have taken over a 30% tumble.
Real estate professionals have taken steps to mitigate the challenges for both seller and buyer. Your local marketing specialist is utilizing every available tool to market homes, including upgraded Virtual Tours, special photography and carefully planned Open House availability in some circumstances.
Homes are available for sale. Homes are being purchased, and you can qualify for a mortgage if certain conditions are met. Curious what inventory is out there? Visit: https://njrealestatehomesearch.com and take a closer look for yourself!
Curious how you can sell a house right now? Visit: SELLER RESOURCES to discover how!