topic Re: Work Comp / New Home buyer in Mortgage Loans

Work Comp / New Home buyer

CramEiko — Tue, 30 May 2017 18:49:39 GMT

Hello All,

I've been trying to buy my first home out here in the DFW area of TX. Earlier this month I was involved in an accident while performing work duties (hit by a drunk driver) that has me on Work Comp (WC) since 5/9/17. I received my first check from WC @ 70% (non taxable) of my "NORMAL" earnings. Has this happened to anyone? Would this impeed my chances of tradicional financing resulting paying more? Are there other types of financing?

I have a bid out on a property right now (just had to increase my bid this morning [compitiion]). Litteraly just wating to see if its accepted (housing market is tough out here in DFW area of TX). If I win, I'd like to know what other options I'd have if WC wont qualify.

Some input would be greatly appreciated

Re: Work Comp / New Home buyer

Anonymous — Wed, 31 May 2017 00:27:43 GMT

I suspect the answer to your question will be dependent on how long your anticipated recovery and reliance on workers comp will be in place. If its temporary I doubt it will impact your loan process out side of maybe an additional LoE. Now if its more long term than they will have to check your modified income against your debts and see if you still qualify for the same amount.

Re: Work Comp / New Home buyer

CramEiko — Wed, 31 May 2017 02:48:24 GMT

Thanks for the reply. I got my official answer today. I called 2 different lenders that I have delt with and both said that I would have to wait until I'm back to work before they could get me financed. So, this sucks. I just missed out on a house "again", but because I'm on WC this time rather than getting beat by cash buyers....

Re: Work Comp / New Home buyer

CramEiko — Wed, 14 Jun 2017 16:40:57 GMT

So, This week I talked to a different lender (Gold Financial). This lender says that he's 99% sure that he can get me financed while I'm on Workmans Comp. Great news for sure. All I have to do is now find the next house to bid on to see if this guy is legit. He stated that there's no extra costs over a traditional Conventional Loan, because it would be a Conventional Loan. I'll try to update as I go forward.