Can I get a mortgage while on workers comp?
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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?
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.
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