Can being on worker’s compensation program stop me from getting a mortgage?
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My wife and I are in the process of purchasing a home. We got already a mortgage offer and have started home inspection. However, last week I got injured at work. I will need go thru a minor operation next month, and won’t b able to work for another 3 – 6 months. This means that they gonna put me on a worker’s compensation, and I was told that my pay would be exactly the same as if I was working.
When the mortgage company heard about it they told me that they have to take back their offer. Can they do that? Can being on a worker’s compensation void me from getting a mortgage? My credit (and my wife’s credit) is very good. Thank you.
It might. And it’s not about your credit
Your problem is not your credit, nor is it your income from the worker’s comp. The big issue here is the uncertainty of whether or not you’ll be able to return to work.
Even if it’s very likely that you’ll recover completely and return to work, the mortgage company isn’t willing to take the risk, and probably wants to wait until you actually return to work.
Mortgage companies are extremely carful these days, and I’m afraid there’s nothing you can do about it.
Hope this helps.
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