Workmans compensation and home buying

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PostPosted: Sun Jan 18, 2009 11:09 pm   Post subject: Workmans compensation and home buying  

I am currently receiving workmans comp and want to purchase a home. do you know of any lenders that will consider this acceptable income?


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anonymous111222
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PostPosted: Mon Jan 19, 2009 7:22 am   Post subject:   

Given the current market situation it has become difficult anyone to secure a mortgage loan or to buy home. OP, depending upon the lender they might consider workmans compensation as a source of income, but since its no close to replace your actual income the lender might ask for alternative source of earning. Also, there are additional factors that would affect the possibility of getting loan, like-



The credit score: You need to have a credit score close to 700 to get the conventional mortgage loan.



Credit history: history of delinquent accounts, charge-offs, collections these would affect your ability to get mortgage.



~Jeremy

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PostPosted: Mon Jan 19, 2009 7:26 am   Post subject:   

Apart from what Jeremy has mentioned the lender would look into your income record of the past two years to the least. How long have you been with this compensation? what are your chances of recovering from the current heath status and join the workforce again? will you be absorbed by the employer when you are ready to join back? All these factors would also affect the lender's decision.


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guest Mackenzie
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PostPosted: Mon Jan 19, 2009 2:00 pm   Post subject:   

Quote:
do you know of any lenders that will consider this acceptable income?
no, and if you 'could' find one i'd expect huge interest...


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PostPosted: Mon Jan 19, 2009 3:56 pm   Post subject:   

Do you ever intend to return to work? I think most lenders would look at your regular income.



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