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allenbak123

Mortgage while out on workers compensation

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So I've been at the same job for 5 years and recently injured my back at work. I've been out for 3 months and am about to have surgery. The recovery time is about 4 months. I'm about to purchase my first home. I haven't contacted a lender yet. I am receiving weekly checks from wc. How will this affect me getting a mortgage? Will the amount I can afford be affect as I am getting 500 a week from wc but generally make about 1 k a week.

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I'm in a similar situation but not on W/C. What I did was I emailed/called several different banks/mortgage companies to explain my situation and they have all said the same thing that they would have to use the reduced rate of income until I go back to work. Of course the reduced income limites what I can qualify for.

 

Now depending on which company you talk to some will say to call them back the first day back on the job to consider the higher income and others will want to wait until you have at least a months worth of paychecks.

 

I've opted to wait until I'm back to work to qualify with my higher income.

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gross income of 2000 a month is about 580 for mortgage/taxes/insurance....a 100000 loan at 4 percent is 477 a month P/I...rest of the 580 for the taxes and insurance

 

i do not know if you have no debt if they can go up to the low 40s on the backend as if it was the front..then of course that 580 shoots up

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