What if you are unemployed but are getting unemployment benefits and you want to refinance your FHA streamline?

Posted on Sep 26, 2012 in FHA Information

Question by Matthew S: How long does it take a true no doc loan to close?
I am going to be applying for a True No Doc home loan this week. Getting approved won’t be a problem since I have a 760 credit score but I was wondering how long it will take this loan to go through assuming all title and appraisal work is accurate. Thank you for your answer. I want to close on this home quickly.

Best answer:

Answer by FakePlasticTrees
I’m wondering that myself actually. What lender are you using?

Give your answer to this question below!
Question by streetkings01: What if you are unemployed but are getting unemployment benefits and you want to refinance your FHA streamline?
Just curious. I am still employed, pills but my wife lost her job a year ago and has been collecting unemployment benefits. We have an FHA mortgage thru Chase and were looking into a streamline refinace, medical but since the guidlines have changed as of 2010…….would we still qualify?
@ Iffy – See thats the thing…….I keep reading different things.

According to one site it says – We need to show that you are employed and have income coming in. We dont need to do a full underwriting of your income.

I also spoke to a broker via email that told me the same thing. But I also read an article that said they have to verify that income is sufficient enough to pay mortgage.

My issue is this……..I have never been late on a payment in 2.2 years and my have has been unemployed going on 2 years…..that should be enough to let them know that we still are getting it done.

Best answer:

Answer by Iffy
Odds are no based on 1 income only.

What do you think? Answer below!

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