Thursday, October 17, 2013

I Don't Believe My Diagnosis is Fannie Mae's Business

With our future house in the process of being built we have been in the process of securing a mortgage and locking in an interest rate. The process is a long and fairly involved one, especially since we are building instead of buying an existing home. Obviously proving our income is a big part of it, which is where things have become muddy. You see I'm on disability and while I can (and have) easily show them my award letter and bank statements that reflect what my disability income is, they want more. They want me to provide proof that I will be getting this income for at least the next 3 years.

I can't prove that I'll be getting disability for the next 3 years. Hell, the program is scheduled to run out of money in that time frame. Okay, so let us just assume congress will act and the program will exist, we'll even assume that my chronic migraines and fibromyalgia will persist (that's a pretty safe assumption), that doesn't mean I will continue to receive disability. My award letter didn't make any time frame promise and I doubt that anyone receives such  promises in writing. I explained this fact to the mortgage agent and she said that I can use the letter my doctor wrote on my behalf that allowed me to get disability.

Now I don't know if she just doesn't understand how disability works or if it used to work differently but my doctor didn't write a letter to the disability office on my behalf. I gave them some 500 pages of medical records and they ordered the records I didn't have from my doctor's office directly. They then sent me to their own doctors to be evaluated and made the determination based on all that. I explained all this to the mortgage agent and she said that I should provide them with something from my doctor stating what my condition is and that it isn't likely to improve for the next 3 years.

I have plenty of medical records that state my diagnosis and I offered to provide a page as long as I could eliminate the personal information from my records that don't apply. She told me no. Apparently Fannie Mae will only accept records that have not been altered.

The thing is, I don't believe my medical conditions are any of Fannie Mae's business. I'm on disability right now. It may or may not continue. It is what it is. I don't feel like they have the right to even ask for my diagnosis and I'm certainly not comfortable providing it. As of right now, we're going to try to get the mortgage without my income and see what happens. But the whole thing has got me riled.

Have any of you encountered this before when applying for a mortgage? How do you feel about it?

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