Work comp/not fired/20% down can my file get done?

Asked by hbcpl1, Tempe, AZ Tue Feb 25, 2014

Good Day,
I am looking to buy a home around the phoenix area. I have above 700 credit, on worker comp with 2 years 7 months left, not fired from work, looking to put 20% down, use grants as well. Looking to stay in the 28% DTI. Can this file get done?

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9
Dan Tabit, Agent, Issaquah, WA
Wed Feb 26, 2014
You may want to speak to either a regional bank or ask a mortgage broker if they have portfolio loans. These are often more flexible and sometimes do "common sense underwriting". If they can justify the loan, you may find an opportunity.
1 vote
Raoul Lousta…, Agent, glendale, AZ
Wed Feb 26, 2014
Hello HB

i think their should be a lender that can do this for you

you can call around to see who can do this

here are some lender that might be able to help you

steve tustun , from AZ central credit union ; they have some great programs 6025899940

ray stralh from amerifirst financial might have some options for you also 4803441983

anthony padilla from peoples mortgage might also be help you 7144201337

hope this helps you , if you dont have a realtor at this point to help you i really

would like the opportunity to do so

thanks have a great day
1 vote
Thank you for the information. I will try your suggestions. It is appreciated.
Flag Wed Feb 26, 2014
, ,
Wed Feb 26, 2014
Hello,

Possibly. There are specific guidelines regarding this that are too in depth to go over here. make sure that you are working with an experienced lender that will be able to explain these guidelines to you and determine if and when you can qualify.

I am available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
1 vote
HI Robert,
Not to detailed, D.U 9.0 spits out 36 months of continued disability, or other income OK.- No waive. Yet on a refi at 80% CLTV Waive.

However, IF the file is put in as disability temp, with the option to go back to work, (Which I have not been fired) So technically I could go back to my Job. ( To a huge supermarket chain) I should be qualified off of my last earnings, according to D.U. OR Since I have 25 years in retail Mngmt and while being disabled, for the last 2 years, got an AA and BA 3.8 GPA. Passed Pre med the same.

The Challenge is~ Consensus Banking, where every L.O I speak to hears only 27 months left on my temp disability. Not the fact I will go back to work if need be when my leg is better. As D.U Manual would be overridden. We are only talking about a 500 dollar house payment! Coupled with an 80 CLTV.
Obama admin changed it from 24 to 36 mo in 2009! As this used to be a 'slam-dunk'

So I really need a preferred lender who can manually U/G the file....Thanks
Flag Wed Feb 26, 2014
Vivien L Big…, Agent, Scottsdale, AZ
Wed Feb 26, 2014
Good Morning,

Contact Karen Jones 480-339-1577 with AmeriFirst Financial she will be able to let you know what your options are. Please let her know that I referred you.

Have a GREAT day!

Viviven L Biggs PLC
602-615-9137
Prudential Arizona Properties
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Tue Feb 25, 2014
Have you spoken directly with a lender about your scenario? I have a great lender that my clients have used in the past if you want to speak with someone.
0 votes
Cliff Niethe, Agent, Phoenix, AZ
Tue Feb 25, 2014
All lenders will have different requirements. From past experience they will probably be looking for 3 years guaranteed income, even though a person with a job really has no guarantee.
0 votes
Clifford, thank you for your reply, that is what I have found from 3 places that I contacted. I guess the other issue is that I have 25 years of retail management experience and these folks will not even look at that fact. If I had to go back to work I could, but medical school will give me enough on my student loans that I will not need to work if I do not want to.
So there is no other way around these 3 years. I am kind of in a pickel.. have 20 % to put down and if I qualify for state first time buyers that would place me at about 25-27% down with reserves for a year... kind of does not make sense to me at this point.
Thanks again.
Flag Tue Feb 25, 2014
Keith Dunn, Renter, Lake Las Vegas, Henderson, NV
Tue Feb 25, 2014
Talk to Rachel Van Hook
602-717-2550
0 votes
Eileen Shapi…, Agent, Mesa, AZ
Tue Feb 25, 2014
Hello hbcpl1,
Your situation is complicated for sure! I would urge you to speak with a local lender and possibly one that does loans based on the value of the home and not the borrower's credit scores etc (at higher interest rate, but for a short period of time, might be a solution). Please contact me and I can give you some lender suggestions!

Eileen Shapiro
Sonoran Premier Properties
480-370-6520
Eileen@SonoranPremier.com
http://www.PhoenixAZRealty.info
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Feb 25, 2014
hbcpl1,
Great question for a lender. Your credit is find and your have plenty down but your income is not guaranteed. I realize that you have a while to go before it expires, but most mortgages are for 15 to 30 years.
I don't honestly know the answer, but would be surprised to learn it would be accepted. If you have other income from investments, a working spouse you may qualify.
If you don't get a lender to respond with a direct answer here, contact one directly and let us know what you find out.
0 votes
Thank you for the feedback. I will be in medical school for the next 4 years and I am not fired from my job, so that is what I am confused about. By the time my case settles, I could just buy the home out right, the issue is waiting for the year or so that the case has left. Very frustrating situation to be in. Thank you again for your time and reply.
HB
Flag Tue Feb 25, 2014
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