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2 people helped
cant discriminate
ssd income is treated like any other tax free income. it is against the law for lenders to discriminate based on a disability. tax free income can commonly begrossed up 25%. so a lender will increase your income by 25% when calculating your debt-to-income ratio.
if you are not required to file taxes you do not have to have a tax return to get a mortgage loan. your social security paperwork is all you would need to document your income. it is against the law for a lender to require documentation about your disability. for example a letter from your doctor on whether your disability is permanent or how long it will last.
fha may be a good choice if you do not have much to put down or have marginal credit. a conventional loan will be less expensive if you have 5% of more to put down. check with your local governments such as city and county for special programs for persons with disabilities that may give grants for down payment assistance.
best wishes and good luck on your house hunting.
4246 people helped
you might be far better off trying for a rental under title 8 subsidized housing. your rent would be low or nothing at all and there are nice units to select. ive done that.
remember, when you own a home, you have to have insurance and pay taxes, and those can really bite!! been there, too.
if you insist on looking into buying a home, consider fha. ssd doesnt leave much for contingency fyund and thats something you always need with a house you buy.
try this sites home affordability program for
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The text includes 53 "h"s in total.
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