This client was injured on the job and will be off work until next year. He wants to buy a new home NOW and was hoping for a way to make it work, despite receiving only workmen’s comp at a fraction of his normal income.
The Scenario:
My friend at a local credit union called the other day with a scenario - Their member is off work due to an injury, and the deal wasn’t going to work until he’s back to work.
This client owns a home free and clear and has good credit.
The Solution:
The down payment for this client is substantial. He will have enough money from the sale of his home for down payment AND to pay off his consumer debt, so he’s comfortable making payments until he is back to work in Spring of 2027.
We structured his deal as a “no ratio” loan, and his offer was accepted this morning. It’s contingent on the sale of his home, but the listing agent for his NEW home will also be the listing agent for his home, which helped with getting his offer accepted.
His existing home is in a desirable area at a very hot price-point, so we expect it to sell within a week.
Good credit? Check.
Big down payment? Check.
Income not needed? Double check.
Why this might matter
It’s not common for a lender to ignore the income qualification piece, but there are scenarios where this type of deal makes sense. If your client has good credit and a big down payment (or a lot of equity if refinancing), there may be options for approval without any income or employment verification.
Work with me
Do you have a deal that you think might be approvable but doesn’t fit in the box at your bank or credit union? Reply to this email or call/text me at 616.298.2743 for a same-day answer.
One case study per week showing scenarios we’ve been able to help with