Securing a mortgage on disability....

[SLM]

I am interested in finding out how lenders honestly view persons who receive social security disability and desire a mortgage. I've been disabled fro 10 years. My credit is at 700. I've acquired 20% down payment (for a home up to 200K) and I am ready to purchase. Feedback please!!!!!!!!!!

[MarineVietVet]

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@SLM wrote:

I am interested in finding out how lenders honestly view persons who receive social security disability and desire a mortgage. I've been disabled fro 10 years. My credit is at 700. I've acquired 20% down payment (for a home up to 200K) and I am ready to purchase. Feedback please!!!!!!!!!!

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Hello and welcome.

Lenders don't care whether or not you are disabled. I'm a disabled veteran and I've gotten original morgages and refi's and the subject never came up. Actually I believe by law they are not allowed to ask such questions but I might be wrong about that.

If you meet the same requirements as anyone else I don't foresee any problems at all.

Good luck to you on that mortgage!!!

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[LIGHTNIN]

IMO, I believe lenders see disability income as a more stable income, then if you were a regular employee working.

I would suggest when you apply for a mortgage, go ahead an ask how they view disability income.....to put your mind to ease.

[Lel]

It sounds like you've got a lot a lot of fiscal discipline - respectable FICO score and a nice chunk saved for a down payment.  As long as your disability income can support a mortgage loan of ~$160,000, then I don't see any reason why you couldn't be qualified for a mortgage.  This is assuming, of course, that there are no major issues on your credit report (e.g. recent late payments, judgments, etc.).

I suggest that you sit down with a loan officer with all your financial information and see what she/he says.  Good luck.