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Can I mortgage my house without an income?

I am a full time university student without a job (juggling school and kids) with no child support. I have won a dream home which I plan to sell. I will than pay off student loans and buy a smaller house and a better vehicle and continue my university from the rest of the money. I take possession of the house in a month and student loans doesn't pay me much. So until I get the house sold, would I have a problem mortgaging it? I don't want it all mortgaged (it is a very expensive luxury house), but I would like to mortgage about a 1/4 of its value or even less, until I can sell it. I would make my mortgage payments from the lump sum I get from them. I have a good credit rating, but no income.

Public Comments

1. You will probably still have to get a cosigner but Im no expert click on this hyper link and there should be something there that can help you. http://www.info.com/home%20mortgage%20questions?cb=28&cmp=3940
2. wow thats great you won ..to bad it wasn't cash instead...do a short sale since it was free..you will still come out ahead..don't worry about your credit..only way..gl
3. No. if you have no source of income you have no way to pay back the loan (no matter how small). Even if the bank foreclosed on the house and lost the 1/4 mortgage, the expense of going through that is not worth it to them.
4. Your solution unfortunately leaves you to the mercy of predatory lenders often referred to as hard money lenders. These people will foreclose in a New York second and hold you liable for the unpaid balance, late fees, costs and attorney fees. And these are not the type of lenders interested in loan mitigation or working with borrowers. SELL ASAP. FIRST CHECK WITH YOUR ACCOUNTANT ABOUT THE TAX CONSEQUENCES OF YOUR "GOOD FORTUNE" You may have won a tax obligation greater than the property value... This happens. Your recourse may be to turn down your "prize". Good Luck
5. I answered this earlier NO You have to have a job to get a mortgage