Why would Disability Income not be Used on an FHA Loan?
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If you are on disability, you likely assume that the income you make will be used for qualification purposes when you apply for an FHA loan. The answer is not as straightforward as you might think, though. Not all disability income is able to be used on loan applications. The circumstances surrounding the income greatly matter when it comes to qualifying for any type of loan, including FHA loans.
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Why would Disability Income not be Used on an FHA Loan?
- 1. DISABILITY INCOME Why would not be Used on an FHA Loan?
- 3. Duration of Disability Payments Disability income is different – they need to know how long you are going to have the income as some disability income is temporary while other disability income is longterm. Basically, they want to see your income continue for 3 years after the date of the loan in order to use it for qualifying purposes.
- 4. Is your Disability Income Consistent? Lenders want to see consistency, which means they want to see regular deposits of the income in your bank account. You have to prove receipt of the income; you cannot just provide an award letter and state that you receive the money
- 5. Your Condition does not Matter The lender does not need to know how you got hurt, where, or why. They just need proof of the income and that it will continue. As long as you can provide those documents, the lender or the FHA cannot ask for anything further from you.
- 6. Your Condition does not Matter The lender does not need to know how you got hurt, where, or why. They just need proof of the income and that it will continue. As long as you can provide those documents, the lender or the FHA cannot ask for anything further from you.