How to get a mortgage while on private disability income?
Hello all. Question about getting a first-time mortgage. Because of a severe, chronic pain issue (and some other related issues) I am currently unable to work. I receive tax-free benefits from my private disability insurer. These benefits equate to a taxable work income of about $ 130,000 annually. I badly want to buy a house. The down payment and monthly payments are no problem. However, I have been told by a couple of mortgage brokers that the only way I can get a mortgage under my circumstances is to prove that I will be disabled for at least three years. I can’t do that. I hope to get better and go back to work. But there’s no way to predict whether or when I’ll improve.
Anyone know of a way I could get a mortgage without trying to find a cosigner–preferably a way that does not involve getting a high-interest, “hard money” loan from an individual? Thanks for all replies.