Any loan program available for people who are on disability?

JoeySeven · Joined: 26 Oct 2005 Posts: 4

I done some searching around on the subject,but haven't found any info yet.

I was just wondering if the gov(Uncle Sam) or any loan company offers loans for people that are on SS disability?

I doubt there is,but it doesn't hurt to ask.
And reason I'm asking is because.

1- I been on disability SSDI for about 6 years and own one of my houses free and clear,and would like to get a home loan on it without doing a No-Doc=higher rates. So I'm not a first time buyer.
Also I hope someday to get off disability,I'm looking into getting retrained or schooled in a different job career.

2-My mother inlaw is also on SS disability,she would be a first time home
'owner.So i think HUD might do a loan for her.

thanks for any advice
Joe

Marty 1stMet · Joined: 20 Sep 2007 Posts: 38 Location: Williamsburg

There are loans programs like this in California, which is where I have relocated to. I can give you an idea of who can do this. Feel free to email or PM me. Thanks!

uptight mortgage guy · Joined: 23 Nov 2007 Posts: 30 Location: WV

Joey:

I answered your last post. Again, to let you know Social Security/ Disability are grossed up 25% due to non taxation. So it is possible depending on the loan size.

FHA will be a good bet for first time buyers. With your scenerio, I suggest you go prime.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

You can use that income as long as it's going to continue for at least 3 years. You can use any kind of loan program with this type of income, so it just depends on the rest of your scenario.

Owning your home free and clear would help you even if you have some credit blemishes. I'd say ask some friends for a referral to a reputable company and individual.