I am faced with a dilemma. I need a knee replacement and have a tentative date of March 2008. My company is closing in January 2008 and I will go out and get another job after the surgery. The insurance company has been excellent in sending me a replacement check every week.
Will the bank consider the weekly checks as income when we go to apply for a home loan?
2007-12-06 06:42:52 · 8 answers · asked by bv1999 2 in Business & Finance ➔ Renting & Real Estate
Investor guidelines specify that for a lender to be able to use income they must prove a probability that it will continue for the next 3 years so the answer is no.
2007-12-06 07:01:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No. Your income needs to be coming in for at least the next 3 years if it is not actual empolyment income (such as Soc. Sec. or a pension). Child support or alimony could be used of the court docs show you will receive that money for 3 years or more.
Lenders need a relatively solid gurantee of income to use it for qualifications. Your income is a short-term disability that will end without any gurantees.
2007-12-06 07:04:38 · answer #2 · answered by thinking-guru 4 · 0⤊ 0⤋
Verifiable income.
2007-12-06 06:46:23 · answer #3 · answered by RT 66 6 · 0⤊ 0⤋
Any income you are positive to receive they will consider as income.
2007-12-06 06:46:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes. They will consider all sources of income.
2007-12-06 06:45:54 · answer #5 · answered by crazyguyintx 4 · 0⤊ 1⤋
well if you have good credit it will help alot, but they will want to look at your income, and insurance payments cannot be suplemented for income because its not long term.
2007-12-06 06:46:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
bank dont consider income
the TAX dept does
2007-12-06 06:46:30 · answer #7 · answered by The WingHunter 5 · 0⤊ 0⤋
any
2007-12-06 06:45:07 · answer #8 · answered by Anonymous · 0⤊ 1⤋