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Does unemployment count as income for a mortgage?
I am currently on unemployment after losing my job a few months ago. Unfortunately, the timing couldn’t be worse—my wife and I are in the process of house hunting. Does unemployment count as income for a mortgage?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good luck on the house hunt! Unfortunately, unemployment does not count as income for a mortgage.
This may seem strange since unemployment is taxable. The issue is mortgage lenders want you to show proof of steady, reliable income. By its nature, unemployment is temporary, which means it does not qualify. A mortgage lender wants you to prove you’ll be able to pay them back over 15 to 30 years—in their eyes, unemployment won’t cut it.
The only way unemployment may be considered is if you’re a seasonal worker. You’d need to prove you were returning to work and only on unemployment for the off-season.
Once you find your dream house, you’ll likely need
homeowners insurance
for your mortgage. If you want to make insurance shopping as easy as possible, you should download Jerry](https://getjerry.com/signup
). The Jerry app can collect quotes from top insurance companies, like Berkshire, State Auto, Safeco, and Travelers, in seconds. Even better—Jerry will help you bundle your home and auto policies for maximum savings.
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- Gregory R.
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