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Does disability count as income for a mortgage?

Can I use evidence of ongoing disability to increase my income to debt ratio for refinancing a home loan? Auburn,AL | Nov 7th 2011
by linda._...
Answer


by jmarr91

Yes, as long as it's stable income that you will be receiving on a long term basis.

Nov 7th 2011
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by ealvarez

Hello LindaAs long as you will be receiving disability for more than three years you can use it. It will lower you debt ratio and that is what you need.if you need anything else you can call me at 678-226-7840.Thank youElden AlvarezMortgage BankerBrand MortgageDuluth, GA

Nov 7th 2011
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by TommyPe...

Linda, Absolutely. Give me a call at 877-634-2390. My office is in Daphne just outside of Mobile. Tommy Peoples, Branch Manager, Southwest Funding.

Nov 7th 2011
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by william

Disability income is considered if you can prove that it will continue for the next 3 years. The key word here is PROVE. You will have to have your doctor write a letter stating that your disability is either permanent, or that it will continue for 3 years.. Some doctors will, most wont.. good luck... WilliamAcres.com

Nov 7th 2011
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by BertCar...

Absolutely. Any regularly recurring income stream is eligible to be used for qualifying for a loan. The usual requirement is that the income must be regular and likely to continue. Most lenders use a three year continuance in determining acceptability. If your disability is permanent and the payments can be shown to not be temporary, then a lender will consider them. If, however, the disability must be reevaluated periodically (like annually) to determine if you are still disabled enough for payments, it is not considered permanent and it is doubtful a lender will consider them in qualifying. I hope this helps.

Nov 7th 2011
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by RonWohl...

Yes disability income is considered income if it will continue for a minimum of 3 years... You will need a confirmation letter from a Doctor or a document from the government confirming your longterm eligibility for disability...Additionl questions or concerns, please contact us856-853-1234Money@RonWohlfarth.comwww.RonWohlfarth.com

Nov 8th 2011
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