Mortgage Loans

[Lasardo]

What, if any, is the requirement for a credit score (heard 640) and what , if any, is the down payment required?(was told gov will give 5% if disabled) how do they veryify income, is disability going to be an issue? this honestly is all heresay but wondered what information I could gather from the mortgage forums..

[deemac76]

Greetings Lasardo I don't know about FHA loans but I can tell that being disabled will not be a issue. They will ask for your award letters and bank statements to verify deposits, also they will gross up the income because your income is considered net income not gross income. That's what my bank did for me when I applied for my house and all my income comes from the va and ssa.

[Lasardo]

Did they cover your down payment?

[deemac76]

I went the VA route so no down payment was required. The only money out of pocket so far was a $1000 earnest deposit to the builder and $425 for appraisal. I got a $9500 credit from the builder to assist closing cost so the lender said i wouldnt need money for closing.

[Lasardo]

Would if I never have done tax returns because I am under 25k?
I still have the w2s, of course, but I have contacted the IRS that has stated I do not need to but what happens when I buy a house?

[deemac76]

Well i showed the lender my tax returns from 09 and 10 because i became disabled in 2011. Dont really know why they would need them since your income comes from disability and you have proof.