Times are tough and there are lot of people who are unemployed. Not just for a short time either. There are quite a few people out there that have been unemployed for months if not years. If you were just about to pull the trigger on the american dream of home ownership right before the market tanked and you lost your job, the question is, “Should you hold off on your dream of move forward knowing things have to get better?”
Things always do get better with our economy but the question is how long is it going to take this time? If you are considering a mortgage (secured homeowner loans) then you have some kind of nest egg saved up. If you are unemployed then you have most likely been dipping into that for living expenses recently. You are going to have to figure out, realistically, how long would you be able to make the mortgage payments before you run out of money. Then if you think things will get better and you’ll find a job before you are going to run out of money, it might be worth going for it. If not then you need to focus on getting by for now until you land a new job.
If you are going to move forward you are really going to need a co-signer. This is someone who is going to sign the mortgage with you saying they will take over the payments if you stop making them. This is obviously going to be someone that really trusts you. You can try to find one but there is likely not going to be a lender that will approve you for a mortgage without a job.
If you decide that you are not able to move forward at this time then there are still things you can do in the mean time so you don’t have to wait as long. Make sure that any payments that you have you always make on time. You might even consider looking for small loans for the unemployed that you might get just so you can make the payments and build your credit.
Either way keep in mind that things do tend to always get better with our economy and your dream of homeownership will be here soon.
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