You may not be able to use disability income to qualify for a mortgage

On a loan that I was working on for someone, I ran into a bit of a snag when it came time to verify the disability income with Social Security. To be able to count an income stream for conventional financing, you must be able to demonstrate payments for 3 consecutive years. That's fine, but the social security administration will not provide a letter stating that they plan on making these payments out to the beneficiaries. I asked someone there why and I was told that their position is that everyone is rehab able. From this standpoint anyone can get better, therefore no 3 year letter.

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Mortgage Rates could be in for a bumpy ride

The stock market has been on a wild ride of late. Mortgage interest rates have also been along as a passenger with the market. I have seen .25% swings in one day. If you are in the market for a new mortgage, you need to pay attention to the stock market. I recomend being in close communication with your mortgage broker or mortgage banker about locking. One hour can make a big difference if the market decides to take a tumble or surge. You need to be ready to act quick because mortgage rates don't seem to stay in one place for very long.

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