Can I get a home loan if I was just laid off?

You will need a job in order to get financing... Severance packages are usually good for up to 6 months of pay, however the lender requires any source of income has to have the propensity to go on for at least 2 years. Severance packages won't hold up to this guideline. Once you get employment, and hopefully it's the same field of work, and the same type of pay, IE, Hourly, salary, etc, then once you receive your first paycheck, you can apply... best advice I can give you is to contact a local mortgage broker, not a bank and apply with them, they have access to numerous lenders and can find the right match to your particular scenario. WilliamAcres.com

You will need to show the underwriters that you have a stable job and income. You cannot refinance until you have a secure job in the lender's eyes.They will require usually 30 days on the job. IF you have beed laid off for more than 6 months, they may require 6 months on the job or less.

Unfortunately, in today's lending world, a borrower must have a continuing source of income, sufficient to service their obligations, and the source must continue for a minimum of three years. If the income is not set to continue for this period, most underwriters will disallow it. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. He/She should also be able to tell you if your income and savings sources are sufficient to qualify for a refinance. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter ~ The LoansA2z team of Nova Home Loans. www.LoansA2z.com ~ NMLS # 40586