Posted on: 05th Jan, 2011 12:34 pm
We have been working on my husbands credit for about 6 months and have gotten it to a 634, maybe higher now, he has worked at the same place for almost 3 years, but recently got hurt and has missed about 6 days in the last month, bringing his monthly down to 2300.00, he is still working on light duty per workmans comp orders. He has opened a SAIF claim and is going to have surgery. We buying our time in a rental, but the landlord is trying to push a 2 year lease. Is there any way to qualify for loan at this time?
Unless there is a very short time frame to his reduced income a lender is more than likely going to use current income.
One of a lender's benchmarks is the ability to repay (now) and with the reduced income and pending surgery, chances of approval seem slim.
Good luck!
One of a lender's benchmarks is the ability to repay (now) and with the reduced income and pending surgery, chances of approval seem slim.
Good luck!
Ya thats right greg. passing of loan seems less if you show your reduced income statement.
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It is a short time frame, he has a torn ligament in his hand and will recover pretty quickly after his surgery next month, it is just this time in between that is killing us. He is only short about 6 days or less each check, but that really hurt us when trying to pre-qualify. Should I not tell the lenders about his surgery?
Welcome kdalla,
Any late payment will have a negative affect on the credit report. You can have a word with the lender and let them know about the surgery. May be the lender can consider your situation.
Any late payment will have a negative affect on the credit report. You can have a word with the lender and let them know about the surgery. May be the lender can consider your situation.