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Can I use my unemployment income when applying for a home loan?

posted Mar 26, 2014, 2:43 PM by Massey Kouhssari
Yes.... but unemployment income only counts for a "special" income category which requires a minimum of 3 years continuance. This also applies to SSI, Alimony, sublease income, lottery winnings & any other income you can imagine.Unemployment is usually only good for 6 mo to 1 year with no guarantee to continue beyond that. We do however have some non conforming programs that you can qualify for using your unemployment income if you meet all the other loan guidelines. So the answer is YES you can use unemployment income but we have to run the whole scenario to see if the loan program can benefit your financial situation.