is disability short time considered as income if applying for a loan and is unemployment considered income when applying for a loan?

Diane
Home Buyer
95628

Answers (2)
Jim Walker
Agent
Roseville, CA

Generally no. However, there are some circumstances where it is considered. One example would be a seasonal worker who works in construction or a cannery ten months of the year and is routinely laid off during the slow season.
The applicant would need to document that the both the employment and the unemployment compensation were regular, reliable, seasonal, and ongoing. year in and year out.

Mon Nov 2 2009, 16:29
Sue Archer
Agent
Fair Oaks, CA
FIRST ANSWER

It depends on the lender but assume it isn't. I know that for those trying to complete a loan modification, they will not include unemployment income or short term disability income. Most lenders are looking for a history of employment that would translate into long term income. They are committing to a 30 year loan with you.

Does it make sense to make that commitment on short term income terms? I think you need to show long term income to justify it. Sorry.

Web Reference: http://www.suearcher.com
Mon Nov 2 2009, 15:46

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