Long-Term Disability Income to Qualify for a Loan

Does Box Home Loans accept disability income when qualifying for a loan?

Yes! Here at Box Home Loans, we have the following verification requirements when using disability income:

Verification of Disability Income

  •  We will need to verify the amount of disability payments that will be received from the benefit statement. Then determine how long the income will continue, especially if the benefits have a set end date. We will verify that the benefit will be received at least three years from the date of the mortgage application.
  • Confirm the borrower’s current eligibility for the disability benefits. By obtaining a statement from the benefit’s payer (insurance company, employer, or other qualified and disinterested party).

In a nutshell; we need to verify how much disability income you are receiving, and how long you will be receiving it. The only downside is that it MUST continue for a minimum of three years in order to be considered usable income.  You must be able to provide a statement from whoever the income is coming from, and it must state the terms of the income. Every situation is unique, you can learn more about whether or not your income can be use to qualify, by contacting us.

 


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