Posted on: 06th Mar, 2011 05:31 am
My question involves a mortgage in the state of: TEXAS
Judgement call or a FHA rule/requirement.
My wife and I are a so called husband and wife team and share the same job as resident managers for a self storage facility. We applied for a FHA loan and have difficulty to get it approved.
My wife broke her arm and has been operated on.She was put on workers comp for 5 months.(we are on the same job for almost 7 years)
She is back to work and fully reinstated with her previous salary as normal.
Employer and doctor have verified her income and a complete return to work.
Employer also verified a EXCELLENT prospect mark to continuing employement for the both of us in the future.
Problem is that underwriter does not approve her months of income from workers comp
as a earning and there for she did not make the required level of income for 2010. Her reinstated salary and predicted income for 2011 will make all the bells and whistles.
My wife did not loose her job or has been laid of as a result of that injury.
Will we be declined for our application or do we need to follow a other road. If so than it seems to me that my wife gets punished twice for an act of GOD.
Our situation,employment income and prospects NEVER CHANGED other than a broken arm and that her salary was paid 5 months by workers compensation instead.The risk for happening of any injury are very slim compare to other situations.
Thanks for any advice.
AD
Judgement call or a FHA rule/requirement.
My wife and I are a so called husband and wife team and share the same job as resident managers for a self storage facility. We applied for a FHA loan and have difficulty to get it approved.
My wife broke her arm and has been operated on.She was put on workers comp for 5 months.(we are on the same job for almost 7 years)
She is back to work and fully reinstated with her previous salary as normal.
Employer and doctor have verified her income and a complete return to work.
Employer also verified a EXCELLENT prospect mark to continuing employement for the both of us in the future.
Problem is that underwriter does not approve her months of income from workers comp
as a earning and there for she did not make the required level of income for 2010. Her reinstated salary and predicted income for 2011 will make all the bells and whistles.
My wife did not loose her job or has been laid of as a result of that injury.
Will we be declined for our application or do we need to follow a other road. If so than it seems to me that my wife gets punished twice for an act of GOD.
Our situation,employment income and prospects NEVER CHANGED other than a broken arm and that her salary was paid 5 months by workers compensation instead.The risk for happening of any injury are very slim compare to other situations.
Thanks for any advice.
AD
With salary re-instated, I see no reason why a lender would give you grief about this.....
Sounds like the underwriter doesn't know their own guidelines.... Which I have experienced many times before.
Posted this again after logging in... so you will know this post is from an actual loan officer.
Sounds like the underwriter doesn't know their own guidelines.... Which I have experienced many times before.
Posted this again after logging in... so you will know this post is from an actual loan officer.