Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 58
Registered: ‎03-13-2012
0

The good news... and the bad news....

We got good news today!  We heard from the underwriter and he gave us our conditions.  Most are simple things that are no big deal, but one thing he is asking for is just not possible.  My daughter, who is 3, receives disability.  The UW wants us to get a letter from Social Security saying she is guaranteed disability income for the next 3 years.  This is impossible.  SSI is based on income, and we have to provide our income each month to them.  Basically, it's a month to month qualification.  We always qualify, but social security verifies that monthly.  Her next review isn't until July 2014, but that is not 3 years.  

 

Would the UW accept a letter from her Dr. saying she is presumed to be disabled for the next 3 years?  What would happen if we do not meet this condition?  Will the whole loan be denied, or will the SSI income not be included?  

 

I was so excited to get my conditional approval, but now I'm worried about the disability issue!!  

 

Please help!!!Smiley Frustrated

Frequent Contributor
Posts: 367
Registered: ‎01-14-2012
0

Re: The good news... and the bad news....

[ Edited ]

Do you need the SSI income to qualify for the loan? If not, the lender can just exclude the income and that will eliminate the proof of three year continuance condition.

 

Verification of continuance is a pretty standard condition- kinda like providing paystubs and bank statements. It's odd that your LO didn't advise you of that when the application was submitted. Not sure if the Dr's letter will be acceptable, but I hope everything works out for you!

Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
0

Re: The good news... and the bad news....

Hello.  I agree that the dr. note won't work.  We have been raising a family member for over 10 years and we used to get SS money for him, but not anymore, so I kinda know something about the SS system.

 

I agree that you need to take the SS money out of the equation.  Possibly another lender would allow it without that letter, though.

 

Good Luck!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Contributor
Posts: 70
Registered: ‎11-29-2011
0

Re: The good news... and the bad news....

Send them the latter you have from ss and your Dr and that will work..let me know what your loan officer say.
Established Member
Posts: 58
Registered: ‎03-13-2012
0

Re: The good news... and the bad news....

I don't see how they can expect something that is just not possible.  Yes, my daughter may be disabled, but there is no guarantee that she will forever qualify for SSI, purely from an income standpoint.  What if we start making more money, then we wouldn't get it anymore.  There is no way Social Security would be able to write a letter guaranteeing disability income for the next 3 years.  BUT I would think that if a Dr. says that based on her medical condition she would qualify medically, then that should be enough.  

 

I'm not sure if we need the disability income or not to qualify.  I think that if we took it away it'd be very close.  Has anyone had to deal with this before?  

Highlighted
Frequent Contributor
Posts: 367
Registered: ‎01-14-2012
0

Re: The good news... and the bad news....

You really need to speak with your LO. Others can offer their experiences with this issue (if they've had it), but it would be specific to their lender, loan type and situation.

 

Contact your LO on Monday- he/she can get you clarification from UW about whether the Dr's letter will suffice. You should also ask what the max front and back end ratios are, and see if you qualify without the income. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.