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What can I do if i get disability and on a fixed income? i really need a house to raise my daughter

  • December 15 2011 - Holly Springs
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Answers (4)

The best advice is to gather all the documentation that awards you recurring monthly income and show those to a local mortgage originator. I tell my clients to start with the mortgage department at their principle checking or savings bank.  You trust them with your money every day - trust them with a long term mortgage.  A local lender might know more about programs like a Rural Development Mortgage, Mississippi Home Corporation programs, and so forth. 

Let a licensed mortgage originator set the financial limit of your purchase and tailor the best lending package for you based on your individual circumstances.

I also suggest working with a realtor in your community. It's best to find a realtor with an ABR (Accredited Buyer's Representative) designation. That is awarded to realtors that completed additional education focusing on buyer issues, passing a written exam, and also have a certain amount of practical experience. 

Good luck.
Andy Kalinowski
  • December 16 2011
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That is considered a permanent income. Talk to a mortgage broker, they will tell you what you can qualify for.
  • December 16 2011
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Profile picture for sryan1980
Disability, social security, etc, are acceptable forms of income that can be used to qualify for a mortgage. You'll just likely have to settle for a very inexpensive home since these forms of income don't usually provide a high level of annual income.

Another option is to look for  a co-signer.

Yet another option is to consider multi-family housing. You could look into 2-family and 3-family homes, where you can live in one apartment and the rental income from the 2nd and 3rd apartments help you pay the monthly mortgage. Banks will often allow you to add 75-80% of the expected annual rental income to your regular income (in your case, disability). This increases you annual income and helps you to qualify for a mortgage (this is known as "netting the rents").
  • December 15 2011
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You may want to speak with a loan officer. Do you have anything saved towards a down payment? How is your credit? Perhaps a lease with option to buy or a land contract is an option for you? Although you receive a fixed income you may be able to take some money, perhaps at tax time if you receive a refund and use that as a down payment and or closing cost? Depending on how expensive or inexpensive your market is if your credit is good enough you may actually be able to qualify for an FHA mtg depending on your debt to income ratio. These are just a few thoughts.
  • December 15 2011
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