Can you buy a house on unemployment Washington ESD benefits?

That's what I was afraid of. The house market here is so competitive though, I don't want to miss this opportunity.

Yeah unemployment income doesn't count for conventional loans. You might qualify for some special programs though depending on your situation.

Ugh that's so frustrating! Did you eventually get approved somewhere else?

Not until I got a new job and worked for 6 months. Then I was able to qualify.

Thanks, I'll look into that. Getting through to Washington ESD is impossible most days.

Never heard of that service but sounds interesting. The phone lines are always busy.

I'm not a veteran but I'll check out FHA loans. Do you know if they have different income verification rules?

FHA is generally more flexible but they still want to see stable income. Unemployment benefits are tricky because they're temporary by nature.

My cousin got an FHA loan but he had to have a co-signer because he was between jobs. Maybe that's an option?

I hear you but I have enough savings to cover several months of payments. Plus the job market in my field is pretty good right now.

Still risky though. Unemployment benefits don't last forever and job searches can take longer than expected.

Good point. I hadn't thought about higher interest rates. That could really add up over 30 years.

Yeah the rates they quoted me were like 2 points higher than standard rates. It wasn't worth it.

I haven't but that's an interesting idea. How do those work exactly?

You rent the house with an option to buy later. Part of your rent goes toward the down payment. Gives you time to get back on your feet employment-wise.

Just be careful with rent-to-own contracts. Some of them have really unfavorable terms for the buyer.

I actually tried their service yesterday and got through to an agent in like 10 minutes. Was able to request my benefit verification letter.

Wow that's amazing. I've been trying to reach Washington ESD for weeks about my claim status.

That's a good suggestion. I'll check what's available in my county.

Yeah many counties have down payment assistance programs. Even if you can't qualify for the mortgage right now, you might be able to get help with the down payment later.

Good advice. I've been keeping track but should probably organize it better.

Yeah lenders want to see consistent income history. Even if unemployment doesn't count toward qualifying, it shows you had some income during that period.

True, prices are pretty high. But interest rates keep changing too so it's hard to time it perfectly.

Yeah there's no perfect time to buy. But having stable income is definitely important.

That's smart. At least I'd know what price range to look in when I'm ready to buy.

Pre-approval letters usually expire after 60-90 days though, so timing matters.

I might try that for my adjudication issue. Been waiting weeks for a response.

Yeah it's definitely worth it if you need to talk to someone at Washington ESD.

Thanks everyone for all the advice. Sounds like I should focus on job searching first and then house hunting once I'm employed again.

That's probably the smartest approach. The house will still be there when you're ready, or another one will be.

Good luck with the job search! The market seems to be improving in most sectors.