How much does disability pay? Mortgage with disability possible? And so on...

[Sara]

 

I'm trying to research this whole thing a little more, especially how I can see Joe is visibly having less energy, and the numerous doctor appointments, seems like more every month, are interfering with work.     Hopefully it's not too nosy to ask, if someone can give me a general idea how much it is - 1/2 your normal paycheck, or a set amount, or whatever. 

And has anyone tried to be approved for a mortage while themselves or a spouse is receiving disability payments?  Not sure how that works, and if it would affect it at all.

There is a waiting period, right?  Does that mean you have to be out of work making no money for a set amount of time, or can you go ahead and apply so that when/if it is approved you can stop working then?

Anything else pertinent you'd care to share?  I'm also going to try to research this on various government websites but the whole topic is very confusing to me.

 

[Ohio Buckeye]

I'm not sure where you are from and if states differ but the social worker at the clinic
told me that I would have to quit work totally, then apply for disability. She said it would
be 5-6 months before I would receive my first payment. That is in Ohio.  She said
after it was approved I would be able to go back to work p-t and make up to a certain
amount of $.  She said there would be no reroactive payment for the months w/out pay.
They sure don't make it easy for anyone.
I don't know anyone who has applied for a mortgage on disability so I'm not sure about that.
I have a cousin on disability who sold her house and bought another one while on disability
so it must be possible in some cases.
Wish I could be more helpful.  Do you have a clinic social worker who can help you with
any of this or connect you with someone who can answer your questions?

[Black]

Sorry that I can't answer exactly, but I can tell you that my husband applied for disability the end of Jan and he got his first check in March -- but he hadn't worked since last October.  I have no idea how they determined the dollar amount.

Maybe you can find some info here:  http://socialsecurity.gov/d&s1.htm

[livecam]

How much you'll get all depends on what plans you are using and where you are at.  I was on disability twice, once for three weeks when I started dialysis and the second time for three months after my transplant.  Between my company short term disability and state disability I actually made more than I would have at work.  Disability payments aren't taxed so consider that when trying to figure out just where you will be at.  Can't help with mortgage qualification...we got our last one about a year before I started dialysis.

[Epoman]

Approval has nothing to do with being on disability, it will have to do with you and Joe's combined income, credit score, and the purchase amount. Most loan officers go by formulas and one formula is that your mortgage payment should be no more than 30% of your monthly income and you want to have a credit score in the 700's from ALL 3 credit bureaus, as they WILL check all three. They also will look into how long you have been on your current job, they usually like to see at least 2 years. Many times you can get 110% financing so you will not need a down and the 10% is to cover closing costs. My wife has a totally different job now, but she still has her real estate sales license, and we know a few loan officers/mortgage brokers. So being on disability has nothing to do with it.

As to your question about how much disabilty pays? Well in the U.S.A. disability pay is based upon your highest earnings in any quarter of the year that you are applying. They take the highest quarter which is a very good thing, if you have a job where you earned higher bonuses in a particular quarter (like me ). If you and Joe were to have a baby, he would also receive money for the child. For example because of "Epokid" I get an extra $500 a month and of course every year the amounts for Joe and baby would go up (cost of living). There is a family maximum that Joe could earn though, that helps stop people from having kids just to get more money.

[goofynina]

Credit scores in the 700's?? maaan, i doubt mine and sams combined AND multiplied by 2 would we get near that, lol,  maybe that is why no one wants to give us a loan (scratches head)  lol, 

[Epoman]

Credit scores in the 700's?? maaan, i doubt mine and sams combined AND multiplied by 2 would we get near that, lol,  maybe that is why no one wants to give us a loan (scratches head)  lol, 

700 and above is considered "good" credit
720 and above is considered "great" credit
750 and above is considered "excellent" credit

Getting a score above 800 is VERY, VERY hard. Friends of mine say they VERY rarely see a score above 800.

[JerseyGirl]

Do you mean SSI disability or private employment offered disability? There is a six month waiting period for SSI.I don't believe you can actively work during this 6 month waiting period. And private disability payments from employers ARE taxed now-I think that changed a few years back. You can opt to get the taxes taken from each disability check or pay them at the end of the year when you file your taxes. You can request a statement from the government that will show you what you would get on SSI disability and on retirement benefits too-this statement shows all your years of employment as a tax payer - the website is www.socialsecurity.gov/mystatement. Government paid SSI is not taxed.  As far as getting a mortgage, EPOMAN pretty well hit it on the head with his response.

[Sara]

I was referring to the govt disability.  Thanks for the info everyone!