Forgotten Your Password?

Need to Register?

Question Icon

do I need a doctors note for fha loan if on disability?

Im on ssi disability and in the prosess of owning my own home. Broker said I might need a letter from my doctor but my doctor said he cant predict my condition. I have letters from my last evoluation with was last year. Can I show them that and do all lenders ask for these documents? by bigmel_856_567 from Columbia, South Carolina. Jun 25th 2012 Reply


Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,823 contributions

As a general rule, any form of income other than a normal job, has to be documented that it will continue for at least three years, or it is not considered by the underwriter. You need to have a conversation with your doctor about how permanent your disability is. Many doctors will not state that a disability is permanent because miracles do happen. However, if it is extremely unlikely that you will be cured, your doctor may be willing to indicate that your condition is such that recovery or cure is extremely unlikely, or based on your current condition, it is unlikely that you will ever be able to return to work, or some similar language. This kind of language is strong enough to be acceptable to many underwriters yet give the doctor some wriggle room in case you do improve. Good luck to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 25th 2012
2
1
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,702 contributions

Conforming guidelines require that the income must continue for at least 3 years to be considered as income for qualifying ratios on a mortgage.. If your doctor cannot state this, then you cannot use that income to qualify.. This isn't a lender overlay.. so someone saying that they have a go around or a lender who will interpret this rule differently is probably just blowing smoke..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. 480-287-5714 WilliamAcres.com

Jun 25th 2012
1
1
MIKE CONVIN (mconvin)
#5 ranked lender in Delaware - 202 contributions

hi there: In my opinion, it all depends on the lender etc.. I work for a bank and have investors with some overlays and some not much.. Your entire scenario which means credit scores, down payment, loan to value, how strong file can also decrease less of an underwriter requiring further documentation.. Just being upfront ...If you have questions, give me a call. Working with a broker basically they are sending the loan to a lender so chance of waiving certain conditions can be minimal rather than a direct bank having the capability of warranting and representing the entire file which means making exceptions etc. Mike (703 505 5300) NMLS 754875

Jun 25th 2012
0
1
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Most lenders will require this. Most lenders want to see permanent disability to know that the income will continue.

Jun 25th 2012
0
1
Matt Elston (Matt.Elston)
#4 ranked lender in South Carolina - 50 contributions

The guidelines state we need to EITHER prove you'll receive it for 3 + years or the it needs to be so obvious that the underwriter assumes you will receive permanently.So documentation is key.The underwriter wants documentation to back their decision.AgSouth Closes a lot of FHA, VA & USDA Home Loans.You can contact Matt Elston @ p. 803-324-1131, then press 1

Jun 25th 2012
0
1
James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

If you are qualifying for an FHA loan exclusively on disability income, you must prove that it is permanent. Good luck.

Jun 25th 2012
0
1
Bobby Wallace (BobbyWallace)
#21 ranked lender in South Carolina - 6 contributions

Yes...unfortuanately you need a note from the Doctor ( Lat years will not do) You will have a bettet chance of finding a Unicorn than finding a Doctor who will GUARANTEE disability income three years from now. Good luck!

Jun 26th 2012
0
1

NO NO NO NO NO, check with HUD. It is discrimination for them to ask you for a note from your doctor.

Aug 8th 2013
0
1

https://usodep.blogs.govdelivery.com/2013/04/15/fairhousingmonth/

Aug 8th 2013
0
1
Subscribe to our news feed.