While mortgage lenders typically want to see you have stable employment before issuing a home loan, if you have a steady income stream from another source and can document its long-term viability, you increase your odds of securing a mortgage.
Document Your Financial Situation
There's a difference between being unemployed and having no income. A mortgage lender wants to see a paper trail that shows where your money comes from. If you're self-employed, the recipient of a trust or receive a regular and predictable income from investments, provide documentation that demonstrates your financial stability. This might include bank statements, earnings statements and previous tax returns, along with profit-and-loss statements if you run a business.
Demonstrate Credit Worthiness
A stable credit history is vital to securing a mortgage without having a job. A mortgage lender wants to see proof you've responsibly handled credit in the past. This means an on-time track record for paying previous mortgages, car loans and revolving debt credit.
If you have an unreliable income stream, you may want to reconsider taking on a mortgage. If your revenue stream dries up and you don't have a significant cushion to cover your financial obligations, a mortgage you can't afford can lead to a financial snowball that has an adverse effect on your credit and your future borrowing ability.