Anonymous
Post 01/23/2020 12:40     Subject: Can you buy a house without a job?
Anonymous wrote:
Anonymous wrote:Dont divorce him as simple as that. If he wants out make him pay.


Divorce...doesn't work like that.


She can just stay in the martial home. He can’t kick her out (unless she leaves willingly) until the divorce is finalized (probably a year.) At that point you should start getting whatever support checks you’re going to get.

Anonymous
Post 01/23/2020 12:34     Subject: Re:Can you buy a house without a job?
My friend used a mortgage broker to buy a house because her financial situation was not typical but she had money and income (including stable employment but at a wage far less than the assets and 10 year distribution from other assets would be able to buy house-wise)
Anonymous
Post 01/23/2020 12:29     Subject: Can you buy a house without a job?
OP, since it sounds like you do not believe the responses, you should go talk to a lender. Ask them how much you qualify for (on your own with estimated child support & alimony), and what documents you need to produce in order to get funded.

Maybe you're sitting on a large pile of cash that we are not aware of...
Anonymous
Post 01/23/2020 12:27     Subject: Can you buy a house without a job?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony


How do people ever buy houses then? They could lose their job, and people will sell their house before 30 years is up. Is it really expected you'd be living there 30 years?

It's moot anyway because there are no houses for sale in the school district, so then what? Rent a house or apartment? Is a bank statement enough proof if I don't have a job?


I recently purchased, I needed -

W2s
Tax returns for two years
Bank statements for six months
A letter from my employer verifying employment
Credit reports

Basically they want to verify you have a solid income history, are employed, debt to income ration, and have some savings to cover a period of unemployment if you were to lose your job tomorrow.

OP does not have income history or employment.

A friend of mine had her mom and dad buy her a house, then she took over payments after she got a job. Being a SAHM after divorce is pretty rare, and reserved for HUGE divorce settlements.


Yup. Being a divorced SAHM isn’t really a thing.
Anonymous
Post 01/23/2020 12:26     Subject: Can you buy a house without a job?
Anonymous wrote:
Anonymous wrote:The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony


How do people ever buy houses then? They could lose their job, and people will sell their house before 30 years is up. Is it really expected you'd be living there 30 years?

It's moot anyway because there are no houses for sale in the school district, so then what? Rent a house or apartment? Is a bank statement enough proof if I don't have a job?


I recently purchased, I needed -

W2s
Tax returns for two years
Bank statements for six months
A letter from my employer verifying employment
Credit reports

Basically they want to verify you have a solid income history, are employed, debt to income ration, and have some savings to cover a period of unemployment if you were to lose your job tomorrow.

OP does not have income history or employment.

A friend of mine had her mom and dad buy her a house, then she took over payments after she got a job. Being a SAHM after divorce is pretty rare, and reserved for HUGE divorce settlements.
Anonymous
Post 01/23/2020 12:25     Subject: Can you buy a house without a job?
Anonymous wrote:
Anonymous wrote:The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony


How do people ever buy houses then? They could lose their job, and people will sell their house before 30 years is up. Is it really expected you'd be living there 30 years?

It's moot anyway because there are no houses for sale in the school district, so then what? Rent a house or apartment? Is a bank statement enough proof if I don't have a job?


You may be able to rent an apartment with a bank statement.

You almost certainly will find someone who will rent you a house that way. No corporate office to report to.

But honestly OP I wouldn’t move out. It sounds like you’re early in the divorce process. Don’t do anything impulsive.
Anonymous
Post 01/23/2020 12:25     Subject: Can you buy a house without a job?
Anonymous wrote:
Anonymous wrote:The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony


How do people ever buy houses then? They could lose their job, and people will sell their house before 30 years is up. Is it really expected you'd be living there 30 years?

It's moot anyway because there are no houses for sale in the school district, so then what? Rent a house or apartment? Is a bank statement enough proof if I don't have a job?


Oh, honey.

Anonymous
Post 01/23/2020 12:20     Subject: Can you buy a house without a job?
Anonymous wrote:The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony


How do people ever buy houses then? They could lose their job, and people will sell their house before 30 years is up. Is it really expected you'd be living there 30 years?

It's moot anyway because there are no houses for sale in the school district, so then what? Rent a house or apartment? Is a bank statement enough proof if I don't have a job?
Anonymous
Post 01/23/2020 11:58     Subject: Can you buy a house without a job?
Anonymous wrote:Dont divorce him as simple as that. If he wants out make him pay.


Divorce...doesn't work like that.
Anonymous
Post 01/23/2020 11:58     Subject: Can you buy a house without a job?
The bank will look at the actual alimony/child support agreement. You will not be able to obtain a 30 year mortgage if your spousal support is only for five years. The prospect of potentially maybe accessing retirement funds early is not going to alleviate this situation. You need probable income for the length of the mortgage. That means either gainful employment or 30 years of alimony
Anonymous
Post 01/23/2020 11:55     Subject: Can you buy a house without a job?
Dont divorce him as simple as that. If he wants out make him pay.
Anonymous
Post 01/23/2020 11:55     Subject: Can you buy a house without a job?
Anonymous wrote:Tons of retired people get mortgages. Alimony and child support can be a lot.


Retired people have income reported on a benefits statement, and 1099-R. So they can show what their income has been, plus what it will be.

Yes, you can and have to show alimony and child support, but right now OP doesn't have either. It's nearly impossible to buy a house without proof of past and future income.
Anonymous
Post 01/23/2020 11:54     Subject: Can you buy a house without a job?
Anonymous wrote:Tons of retired people get mortgages. Alimony and child support can be a lot.


Retired and divorced are two different things.

Retired individuals often have prior assets to sell (like appreciating houses), retirement accounts to dip into, and stocks to sell. In addition to the pensions they still draw and their financial history.

Sounds like OP doesn't have any of that.
Anonymous
Post 01/23/2020 11:52     Subject: Can you buy a house without a job?
Tons of retired people get mortgages. Alimony and child support can be a lot.
Anonymous
Post 01/23/2020 11:50     Subject: Re:Can you buy a house without a job?
Anonymous wrote:Won't it be obvious he's financially controlling if I have 1/4 of what he has? He's no Jeff Bezos, but has a reasonably high salary.


The salary he WORKED FOR.

Think of it this way - you get 25% of his income for 7 years plus 100% of your own.

Free money. Now get out there and get that job.