Can I cash out on my investment property if I am unemployed?

If you have no income coming in at all it may be hard to qualify you. Most lender's still require a DTI (debt to income) requirement even if you have a lot of equity. When I say most, I mean 99%.

Equity in an investment property seams like it would be a good buffer when you are cash short and equity rich. The problem lies in the fact that qualifying for a new mortgage will encompass obtaining income information and documentation. Unemployment income can not be verified that it will continue for the required period of time and it cannot be assumed of the likelihood as well.In a short answer-no. Good luck to you! If you have further questions don't hesitate to contact me directly. 763-519-1100.

It will be difficult to qualify, because lenders will need to verify your income in order to lend you the money. They want to make sure you will be able to pay it back.

You need some form of income to qualify for a loan.

Only with a private lender, at high interest rates.

You don't have to have a job to qualify for a mortgage, but you do have to have income, and your income has to be enough to sustain your debt. Pension, SS income, annuity, rental income, etc.. all can be used to qualify, so long as your claiming this income on your tax returns. As far as cash out on an investment, it's possible.. but at a limited loan to value (LTV)... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You don't have to have a job to qualify for a mortgage, but you do have to have income, and your income has to be enough to sustain your debt. Pension, SS income, annuity, rental income, etc.. all can be used to qualify, so long as your claiming this income on your tax returns. As far as cash out on an investment, it's possible.. but at a limited loan to value (LTV)... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You don't have to have a job to qualify for a mortgage, but you do have to have income, and your income has to be enough to sustain your debt. Pension, SS income, annuity, rental income, etc.. all can be used to qualify, so long as your claiming this income on your tax returns. As far as cash out on an investment, it's possible.. but at a limited loan to value (LTV)... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You will need some sort of income

You will need some sort of income

no

A job is not necessary to qualify for a mortgage, but you will need to have income. Your income will have to be sufficient to cover your debt. Pension, Social Security income, rental income, etc., can be used to qualify. You would be limited to loan to value (LTV) requirements, but you can cash out on an investment property.

Maybe, but you will have to have sufficient income from your investments to cover your debt load. The days of non-income qualifying loans are long gone. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Maybe, but you will have to have sufficient income from your investments to cover your debt load. The days of non-income qualifying loans are long gone. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

I also want to follow up, This is a lesson to all of those out there with equity tied up in your property but refuse to take cash out. Life events happen, get sick, lose your job and so on. If you think your home has value (equity) in it you can access at anytime. Think again. Take equity out when you can and make it liquid. Obviously this depends on which part of The Walk of Life you are on but most cases I would suggest this. Keep the risk on the banks and not yourself. Equity is never safe until it is in your bank account. Rates may be higher but take an interest only loan and take the tax deductions and invest conservatively the equity pulled out. You will not keep the loan forever trust me.

Maybe, but you will have to have sufficient income from your investments to cover your debt load. The days of non-income qualifying loans are long gone. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950