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Answers (4)
Best Answer
- B Mike West
- Contributions:240
You should contact a local loan consultant, explain your specific situation, and see if you can qualify for financing.
Everything depends on your income stream and how dependable a lender will consider that income stream. If the disability is short term, and your income will increase once you get back to normal, you may have to wait until that happens.
If the disability is long term, the financing will depend on your disability income.
Everything depends on your income stream and how dependable a lender will consider that income stream. If the disability is short term, and your income will increase once you get back to normal, you may have to wait until that happens.
If the disability is long term, the financing will depend on your disability income.
- Kamaaina Realty
- Contributions:54
Thanks for asking the question. I agree with everyone about checking with your lender first. Please keep us posted I am curious about the outcome for future clients. Good Luck !!!
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Try to contact a lender and discuss your personal issues with him/her. the best of luck!
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
You can buy a home using disability income. It is illegal for lenders to discriminate based on the source of your income. The problem, however, is that disability income is usually very minimal...therefore, your borrowing capacity is very minimal. In fact, your income may not be sufficient to buy a home that is in good shape and located in a nice area. In that case, you may require a co-signer to help you qualify for a better home.
How do I consider a home purchase while drawing disability?
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