Hi Lyrica, as part of loan approval process, lenders always evaluate your income as well as the source and longevity of that income. "Some" lenders will accept Workers Compensation benefits as part of your loan application and typically require your 1. previous job description, 2. previous income, 3. workers compensation benefit terms and conditions / documentation, 4. workers comp amount, 5. documentation of the continuity of payments until retirement. Some lenders may consider a reduced percentage of workers compensation income when assessing a loan application to account for the potential "short term" nature of the benefits. regards Richard
Hi Lyrica, this can be possible but it is often assessed on a case by case basis. You would need to provide evidence that you will/cannot return to the industry and that the payments will continue until retirement age. Assuming that there is evidence of this in terms of an award/order. Also need to provide up to date medical evidence. Please feel free to click on my profile and get in touch if you'd like more info. Warm regards, Iva R.
Hi Lyrica There are some lenders that will consider workers compensation as income to service a loan but it is quite tricky. I would suggest getting in touch to discuss your unique situation and find a solution for you.
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Milan
Hi Lyrica, Most definitely. However there are only certain lenders and they have a desired policy that's required to meet to qualify the application for this type of income. Please let me know if you like more answers directly via clicking on my profile pic and further inquiring as the only way to find out more information. These answers to your question may be high level and not going to give you an answer until you speak to a broker directly. Kindest regards, Milan