Rent vs. Buy Calculator

Am I better off renting or owning? This calculator will show you the financial differences between the two.
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  % Est. tax bracket
$   Purchase Price
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  % Interest Rate
    Mortgage Term (Years)
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$   Yearly Insurance?
    Total PITI
    How long will you own (typ. 7 yrs)
$   This is your rent over the period
$   This is mortgage over the period
can an unemployed person get a loan? | Print |

Can someone who is unemployed get a loan?

Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments.
However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These "no-doc" loans are common among self-employed people who say they earn a certain amount of money but whose income tax returns show that their earnings are much lower.
Borrowers should check directly with lenders when seeking a no-doc loan. If specific lenders do not offer them, ask for a referral.


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Last Updated ( Wednesday, 30 July 2008 )
 
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