I want to refinance but I just got put on disability and my income is substantially less. Are the standards to refinance the same as when you initially purchase?

Perhaps. However, your disability payments have to be considered differently. If it is temporary you cannot necessarily be denied acceptance of that income. It is often a question of when you are expected to return to your work...that you definitely have your job to go back to. If you have permanent disability then that is easily allowable income under fannie mae or Freddie mac guidelines. Permanent disability income is generally marked up 15% since the gross from work income is used to qualify. It is possible to have a family member as a non-occupying co-borrower if you need to show more income.

Is the disability permanent? What kind of loan do you have now - FHA, VA, USA or Conventional? There are so many programs out there now that we offer that most lenders are aware exist - if you would like to share more about your situation we would be glad to point you in the right direction. Thank you, Justin Murray Jmurray@WintrustMortgage.com (312)256-4065

Absolutely.. if your disability is temporary (unlikely to continue for the next 3 years), then your disability income will not be considered.. you have to have income to qualify for a mortgage, so unless you have other streams of income, you most likely wont qualify.. if your disability is permanent (verified by a letter from your doctor), then it's possible you could qualify.. but to know for sure we would need to see your complete loan profile including all your other income streams as well as your monthly debt.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Yes, the requirement are pretty much the same. You still need to qualify for the new mortgage based on income and assets. Depending on the type of mortgage you have now there may be reduced documentation options but the details are really important.