Posted on: 16th Aug, 2009 12:25 pm
Can you obtain a mortgage if u are on workmans compensation?
I would say
Lenders always look for some good stable source of income
Lenders always look for some good stable source of income
Hi adbyrd,
Workman's compensation can be shown as your income in your mortgage application. Lenders do consider it as a part of your total income. However, your income will have to be adequate so you can afford the payments. If the compensation is enough to cover your monthly mortgage payments, lenders can consider offering you a home loan.
Workman's compensation can be shown as your income in your mortgage application. Lenders do consider it as a part of your total income. However, your income will have to be adequate so you can afford the payments. If the compensation is enough to cover your monthly mortgage payments, lenders can consider offering you a home loan.
If you have some type of fixed income, settlement, or workmans comp, the lender will require guaranteed 3 years continuance in order to be used to qualify. The fact of the matter is this, if an UW is certain your income will end even if its longer than 3 years, then can still deny your file based off of their own judgment call.
You can usually submit your loan to a lender as a "Slim or Pre-qual submission" without spending any money or time, you can have an Underwriter review the file and render a decision.
Good Luck
You can usually submit your loan to a lender as a "Slim or Pre-qual submission" without spending any money or time, you can have an Underwriter review the file and render a decision.
Good Luck