Can I use Disability as income for Mortgage

[Anonymous]

Hello,

I would like to know if I could use my disability(VA) as income when applying for a Mortgage. I presently work for the Fed Gov't and my income is 38,560 a year.  I also receive $6,492 a year in disability benefits.   I have been working for the Fed Govt a year next week. I previously worked for the City of NY and my earnings were $45,000 last year. I did not have a break in employment,  due to resigning from City of NY on a Friday and started working with Fed Govt the following Monday Morning. 

My credit scores are TU: 762  EQ: 742  EX: ?

I realize that since I am a Disabled Veteran that I am entitled to VA loan as well as reductions on closing cost.  Should I wait until next year when I will be at my present Job two years, before attempting a mortgage?

I am not interested in purchasing a home, I would like a one bedroom condo.

[Anonymous]

I have 17 accounts on my credit report, but I only carry a balance one card ($248) and the remaining carry no balance. I have one account reporting Negatively and that is my student loan(60 days late 2x from 2005) that is paid off.

[Anonymous]

I was in a first time home buyer's class with a guy who's sole income was disability. I dont know any thing other than that, but he was 2 weeks from closing on his house.

[deviousdevelopment]

Yes, your disability income can be used to qualify for your mortgage loan.  If you go VA you also won't have to pay the VA Funding Fee.  I'm going through the process now and my VA Disability income was used.

[BrianB_The_Loan_Professor]

So long as you can document that it is on going and not temporary yes you can count it

Brian

[Anonymous]

Hello,

I don't have any document that states that it is permanent, I can get a letter from the VA stating that I have been receiving Disability since 2004.  

Deviousdevelopment,

Do you have a document from the VA stating that your disability was permanent?

[deviousdevelopment]

I used my original VA Award letter that I've had in my safe forever.  I know you can call the VA though and request a letter stating you receive VA Disability (it wont say permanent, no letter from the VA actually says the word permanent, its assumed that VA Disability Compensation is permanent unless specifically stated otherwise).  I had to get a letter from them one time to get my DV license plates and they were quick and helpful getting it to me.

I assume that based on your yearly compensation you're at 30% so as long as you're over 20% you'll have the VA funding fee waived which is pretty awesome. 

[Anonymous]

  Veterans who are 10% or more disabled from a service-related injury and receive disability compensation have this fee waived.

[ShanetheMortgageMan]

A "benefit summary letter" (which you can request at pretty much any time) which includes personal claim information, military information, and VA Benefits information... along with your most recent "award letter" should suffice.