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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 ![]()
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....
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.