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Can you get a loan while on long term disability pay?

by jen080479 from Naples, Florida. Apr 2nd 2015 Reply


Ross Bennett (RossBennettCMB@gmail.com)
#259 ranked lender in Florida - 4 contributions

Yes if it can be documented that it will continue for a minimum period of time and the income is sufficient to support the debt

Apr 2nd 2015
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 220 contributions

Absolutely. I can connect you with our Branch Manager in Melbourne Beach if you would like to discuss further. info@satorimortgage.com - 954-900-9788

Apr 2nd 2015
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What is the minimum amount of time? 6 months, 1 year, 1+ years? I have coverage up to July 2016 given continue to have medical documentation supporting it and after that point reviewed if able to perform "any" job and if can't then it will continue. If can return to work then I will.

Apr 2nd 2015
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 110 contributions

Yes with supporting documentation of income.

Apr 2nd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

The short answer is yes.. but the more likely answer is "NO"!! Guidelines state your income must likely to continue for a minimum of 3 years.. for this reason, to be able to use your disability income, you will need a letter from your doctor stating your disability is likely to continue for a minimum of 3 years.. Most Dr's will not write this letter.. If you have other income, and that income is sufficient to cover all your debt and keep you within the qualifying ratios, then you wont need that disability income to qualify.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 2nd 2015
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Thank you for feedback so it doesn't look like it will be a possibility as no way to say this will last 3 years. Hoping I'll be better in a year and working anyways but can't predict the future.

Apr 2nd 2015
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Anthea Emerson (AntheaC2)
#217 ranked lender in Florida - 55 contributions

It is possible with the 3 years. Depending on how long you've been receiving disability, you might be eligible. Some additional documentation is required however.

Apr 2nd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Yes you can, you just need to be able to provide proof that your disability is going to continue for at least three years. You should speak with a local loan officer and have them review your information to see what your options are. Best wishes, Sean

Apr 2nd 2015
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