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Rates are down today. Today’s comparison mortgage rates with no lender fees are 3.875 % on a 30 year, 3.000% on a 15 year and 2.875% on a 10 year. (click here for details)


Today’s topic is pretty straightforward. I like to search the Internet from time to time to answer a few questions that were posted online.

Check out today’s video:


Today’s question, “Can I get a mortgage on permanent disability income?” came from Answers.com. The answer – Absolutely!

Let’s break it down.

When you are looking at getting a mortgage on permanent disability income, there are two things you need to know when you are getting approved with this type of income.

1. You can use disability income as long as the lender can determine that your disability income will likely continue for at least the next three years.

2. The income you receive in non-taxable income. This means you can actually gross up your monthly income for qualification purposes.

In most cases you can gross your monthly income 125%. As an example – That would take your $1500 monthly income to $1875. Now by grossing up the disability income, it will make that income the same as pre-tax income that all lenders use to set DTI restrictions.

Of course debt ratio and all other underwriting guidelines are the same when using disability income unless you are a vet looking at a VA loan. If you are, you will have a few more advantages with that type of loan.

I hope that helped those of you with the same question.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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