How to Get a Home Loan Without a Job

One of the most common problems people face when trying to get a home loan is that banks don’t recognize certain jobs, especially freelance or seasonal jobs as meeting the requirements for a home loan. In almost all cases, banks will either deny your application or require higher security if you don’t have a job.

This makes sense since freelancers and anyone who doesn’t have a regular job often don’t have the same benefits and economic security as most employees do.

This can be a problem for many people, especially those who have an opportunity to buy an affordable home if only they can get the right loan.

If you want to get a loan but don’t have permanent employment or you’re currently in between jobs, you have your work cut out for you. Fortunately, getting a home loan approved can be hard, but it’s not impossible. You just have to know how to make your application shine and where to look for the right lender.

How to Get a Home Loan Without a Job

Show work receipts or freelancing work records

Work receipts and freelancing work records that show consistent work throughout the years can help assure your lender that you are good for the loan.

Get part-time work

Part-time work may be enough for conventional lenders to consider you for the traditional loan application process. Part-time work means that you are getting some part of your income on a regular basis. To increase your chances of approval, make sure the income you get from your part-time work meets the minimum requirement to qualify for the home loan you want.

Provide evidence of multiple income streams

Multiple income streams such as royalty payments, income from a part-time job and investment dividends can be enough to convince the conventional lender that your overall income meets their mortgage requirements.

Provide evidence of good credit

A freelance career and a stellar credit are not mutually exclusive. You can have both and if you do, make sure your lender knows. A good credit history indicates that you have a good handle on your finances, even if you’re someone who has to deal with irregular or seasonal income.

Offer a healthy down payment

If you can offer a bigger down payment you lower the loan-to-value ratio, which allows the lender to lessen the risk they are taking on by giving you a loan. A bigger down payment also reflects on the status of your bank account or your ability to produce that amount of money when needed. Many lenders will see this as a reassuring sign.

Get a no income loan

A no income loan is specifically designed for those who cannot show any evidence of a regular paying job. You just need to show proof that you can repay the loan through some other source, like pension, savings, unemployment or medical benefits, royalty payments, alimony, and the like. Take advantage of services like for reliable comparisons on the lenders that can offer you the best rates for no income loans so you can increase your chances of repaying your loans on time, at the best terms suited for someone with your financial situation.

It is totally possible for you to get a home loan even if you are currently in between jobs or someone who works in the gig economy. Choose the lenders who can offer you the best terms and come to the table prepared. Keep the tips above in mind and be on your way to buying the home of your dreams.