SSDI- Looking for others who are disabled and gotten a mortgage loan

[Anonymous]

Hi everyone,
I am disabled and receive SSDI. I am looking for any tips/info from others who are disabled, or anyone, in regards to getting a mortgage loan and being disabled.

I was recently awarded SSDI after 3 years of enduring the process, and I received a large amount in backpay.

I want to apply for a mortgage loan in the near future. Here are some facts about my family: My SSDI payments are about $2100 a month. My 2 children get auxiliary benefits of 515 a month each, in separate accounts from mine- adding that because I don’t know if that would affect a mortgage somehow.
I would be able to put down about 40% down payment(looking for a home around $200,000)with my current resources(my backpay and what I have saved).

My credit is not good- FICO scores around 617. I had 2 charged off credit cards from capital one(Paid then but it hasn’t been updated on credit report yet).
I have a bankruptcy from 9 years ago(before I was diagnosed and had to quit work).
I have two student loans(open, no late/missed payments), a secured credit card(open, no late/missed payments- only got a couple months ago), a closed auto payment that was satisfactory.


Is getting a mortgage with SSDI income similar to getting a mortgage with employment income? I was told that I don’t qualify for a FHA loan because my disability review will be in two years, but that I could seek out a Fannie Mae backed mortgage.
I am going to improve my credit before attempting, but I won’t have a high score before I want to apply.

I currently live in a home that is falling apart and I need to get a better home for my kids to live in.

Anyone on SSDI been through the process? Advice on lenders that were great to work with? Any obstacles related to being on SSDI during the mortgage process? Does being able to put down a large down payment help?

Any advice is appreciated, thanks!

[Anonymous]

You can be approved for a loan on SSDI- leanders love people on SSDI as that is guaranteed income.  They will count your children's payments towards income.  As long as your score and downpayment are in-line you should have no issues! 
Good Luck!

[homeloanexpert]

Hello Eg1983,

There is no waiting period when applying for a mortgage after being awarded SSI or SSDI.  This type of income is not viewed the same as a regular wage earner where would generally need a two work history. As far as SSI supplemental income for your children, this can also used providing it will continue for at least 3 years.  Since you have charge offs and lower scores, it would appear that you are an idea candidate for an FHA or USDA RDL loan rather than a Conventional Loan. Until you can raise your scores, those would be your best options. Please know that many lenders have a minimum credit score of 620, but that is not an FHA or USDA requirement. There are other lenders like my company that allow credit scores down to 550 on these loan products. Please make you connect with an experienced LO so you can explore all options.

Best wishes to you!

[Anonymous]

My SSDI award letter has no expiration date but I will be reviewed in 2 years. My attorney told me this is due to my age mostly, because my condition is not likely to improve and has only declined since I was a teenager.

What is the process to show that everything would continue for 3 years? My diagnosis is lifelong.

All this is so confusing and hard for me to understand(the mortgage process, which loans I may be able to qualify, how it all works).

I appreciate your reply, thank you so much

[Anonymous]

Thank you so much!

I’m so overwhelmed by the process, like even starting out and how to choose the right lenders to approach. There’s just so much out there to consider that it ends up being confusing.

Thanks you for your reply!

[Anonymous]

I tried to purchase a home back in 2016 using SSDI and child support as my only income. I was granted SSDI in 2014, backdated to 2012. My SSDI letter had no review date on it either and my LO was able to use that for income continuing past 3 years.

My loan fell apart because my ex stopped paying child support (first time ever!) while I was in underwriting but that was totally unrelated to SSDI.

My health ended up improving enough with some new meds and better doctors that I went back to work in 2017, but that was my choice, not due to a review. Good luck!

[homeloanexpert]

You don't need to show it will continue for 3 years. It's SSDI not private disability insurance. In over 30+ years of being a Loan  Officer, I have never had a Underwriter request proof of continuance of SSDI.