Disabled Veteran Wants to Buy Home with Disability Income

I am a 100% disabled veteran and want to buy a home using my VA Home Loan benefit. I have not worked since my honorable/medical discharge in 2008 and my income is derived from VA disability benefits and SSDI. My VA/SSDI pay is tax-exempt. I have an excellent credit score and DTC ratio is currently about 31% but I am working on lowering that. I currently pay $920.00 in rent and am fed up with slumlords in St. Louis. I know I can find a mortgage lower than that and own the place. I want my own little mini-farm in Ohio. Do I have any reasonable chance of obtaining a mortgage? I am single and will need to explore an Ohio (OHFA) down payment program (Ohio Heroes). Any insight?
  • June 12 - US
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Answers (2)

Thanks for your service to our country from one Veteran to another. As a Veteran you do not need any down payment and can qualify you with a credit score as low as 560. Your DTI can also be as over 50% based on other factors. It would be my pleasure to assist you in becoming a home owner.
  • June 12
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Those income sources are acceptable to qualify for a new VA loan so would say your chances are good. How is your credit profile?

Having the disabilty rating with the VA loan makes it one of the best loans in the market today so would advise you to explore that option first for sure.
  • June 12
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