Can I get a mortgage while on workers comp?

Credit Report & Score Guide Forums Credit Obtaining Forum Can I get a mortgage while on workers comp?

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  • #17992
    Amy
    Guest

    My husband and were in the process of purchasing a home and already got a mortgage offer when I got injured at work. I’ll have to go through a small operation, and so I won’t be able to work for 6 months to a year.

    I was told that they’ll put me on a worker’s compensation and my pay would be exactly the same as if I was working, but when the mortgage company heard about it they took back their offer.

    We both have excellent credit. Can I get a mortgage while on workers comp, or should we postpone our planes of buying a home?

    #17994
    Larry
    Guest

    You’ll probably need to wait a year

    It’s unlikely that any mortgage company will approve you while on worker’s compensation. Even though you have good credit and will continue to receive the same pay check for the next 6-12 months, the main issue is what happens AFTER that.

    Employment stability is major issue for any mortgage company, and they are extremely careful these days. Even though it’s likely that you’ll recover completely and return to work, they’re simply not willing to take the risk.

    You’ll probably have to wait and re-apply AFTER you’ve returned to work.

    All the best.

    #18224
    bajamisdeudas
    Participant

    I agree with Larry, you might need to wait in order to get your mortgage for your home.





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