Getting a mortgage even without a job

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There are times life hits us hard. In times like this, we have no option other than to bring out our A-game or get dusted out. For today, we will take a look at a certain case scenario in which one just lost his or her job. Before losing the job, there was a plan to get a mortgage. Well, now that the job is no more there, is a mortgage still possible? What are the available options this person has?

Generally, before a mortgage is given out, the lender needs to know your source of income. Not having a job will already make things a lot more uncomfortable for you. That said, a job is not the only source of income one could have. Most lenders also regard the following as a source of income.

Investment Income

If you have some cash coming in periodically as a reward for your investment, most lenders might consider this an eligible source of income. 

Dividends and interests are generally considered. Managed fund income, royalties, annuities, and rental income as also often considered.


Other Income From Reliable Source

Social security income, child support, alimony, etc all fall under this category. All your social security income is considered when applying for a mortgage. Also, if you just had a divorce, the alimony received as the case can be used when applying for a mortgage.

Hight Net-worth

If you have a lot of money in liquid cash, this is also an eligible source of income. Most lenders consider individuals with $1 – $5 million in cash as high net-worth individuals. So if you have this kind of money lying around, a mortgage might not be really difficult for you to get.


If all fails, what other option do you have? Well, a mortgage might not be possible if you don’t have a source of income. 

So you have no income source, but you do have some assets, perfect you can still get a “mortgage”. Though not really a mortgage in the real sense, you can get an asset depletion loan instead! In the case of an asset depletion loan, you qualify your loan with your asset instead of your income. What happens is that the lender calculates your income based on your asset.

This is done by dividing a borrower’s total assets by a set number of months. You are not required to cash in your assets rather, your asset is used to qualify or secure the loan.


Getting a mortgage without an active source of income has never been an easy thing to do. When cases like this arise we always recommend that one seek the help of a professional. It may not be easy but often time, it is very possible. Before closing off, check out our top lenders for this week.

Below is a list of our top lenders for the week

  • AmeriSave Mortgage
  • Rocket Mortgage
  • New American Funding 
  • Better Mortgage
  •  loanDepot

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