Profile picture for user47135

I am disabled. Can I qualify for a FHA loan?

credit score is 567 but income is low due to disability. please advise, i am clueless
  • March 26 2012 - Ontario
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Answers (6)

Best Answer

California fair housing act disability turns to housing providers such as real estate agencies, realtors, landlords and parties such as banks and other lenders, home-insurance companies and housing counselors. This law prohibits any discrimination by mentioned entities making it hard or impossible for a person to get housing because of his or her race or skin color, religion, sex, national origin, familial status or disability.
In regards to your situation there are several web site you can research program for disabled or you can also contact you local disability office and ask them to give you the information regarding housing programs for disable.

http://www.dfeh.ca.gov/res/docs/Publications/dfeh-208dh.pdf
www.MakingHomeAffordable.gov
http://www.disabled-world.com/disability/finance/american-home-loans.php
http://www.mortgageloan.com/disabilities/
For Veterans
www.californiaveteranshomeloans.com/

  • March 26 2012
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Profile picture for AndrewStraw
Gee, I guess being on $1000 a month SSDI will have no effect on credit score, income, or debt.  What if they have been on that for 10 years, trying to live on $1000 a month?

If a person identifies as disabled and especially if the person is on a public benefit for the disabled, it is problematic if those factors are used in lending decisions.
  • July 07 2013
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Profile picture for SeanGlaze
The debt to income ratio is 45% so for every $1000 you earn the bank will allow you to have $450 of debt. Dan is correct the first thing you need to do is get your score up.
  • March 26 2012
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Profile picture for the_country_hick
Social security disability is as good as any other income when qualifying for a mortgage as long as it is expected to continue for at least a year.

The problem I see is your credit score is to low. Only 15% of the population has a 580 or lower fico score. You will want to have someone help you improve your fico score. The reason to get help is you might do some things you think would improve your score that would actually hurt it. Also, those in the know can explain some things to do that you or I might not know. Many mortgage lenders would do this in hopes of selling you a mortgage after your score is better.
  • March 26 2012
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Profile picture for user47135
ok, well my income is 15000. i have no debt. do you think i could qualify fro a small loan?
  • March 26 2012
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Profile picture for SeanGlaze
Disability has nothing to do with qualifying for a loan it is based on credit score, income, and debt.
  • March 26 2012
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