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timothypaulhart · Joined: 18 Feb 2009 Posts: 1 1.71 Dollars($)

We found out today that our mortgage was turned down (after weeks of questions, emails, etc) on what was supposed to be a "no documents" mortgage because of the large downpayment we were going to make. The reason given for the final decision was that my disability payments (I've been on a PAID sick leave from my employer for 7 months) could not be counted as income even though the amount of those payments is almost exactly the same as my income). I have to admit I was surprised at this explanation as to me--and maybe I'm still in shock--it smacks of discrimination. And that aside, income is income. Why can't disability income be counted???

eric1 · Posted: Wed Feb 18, 2009 6:11 pm Post subject:

Timothy,

I am sorry that you are in this situation. It could be a decision made based upon the fact that in many instances, disability is a short term deal. What would (or would have) helped in this situation is to have a letter from the employer detailing their intentions regarding your future disability payments and whether they would come to an end....and when.

gmakerley · Posted: Thu Feb 19, 2009 8:39 am Post subject:

eric is correct...what the lender is seeking is information relating to the likelihood of continuation of your benefits. generally, lenders need to see that such benefits will continue for not less than 3 years. perhaps the verification documentation was lacking, insufficient, or simply didn't supply that 3-year continuation requirement.

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Turned Down because of Disability