No, you do not need a job to purchase a home. However, you do need verifiable income if you are going to get a mortgage on the property. Lenders are not doing “asset based” loans anymore. They want to see verifiable income that will last for the next three years instead of seeing a lump sum in your IRA or savings account. Also, even if you can put over 50% down on the property, you still need to show verifiable income for the next three years. These are things that are considered verifiable income when you do not have a job:
1. Disability Benefits
2. Social Security
3. Rental Income that has been estabished for atleast a year
4. Child support or Alimony
Unemployment income is not going to satisfy the lender.