Can you buy a house while on disability?

Answer 1

I think you can through HUD but I'm not for sure.


By the way, I love your name, I'm about 1/16th Cherokee myself.

Answer 2

So long as the income is steady, stable, and likely to continue, you can purchase a home. The lender will want the awards letter, and a letter from the doctor indicating the condition causing the disability is likely to continue for at least three years.

Under the FACT Act, the medical information cannot be used for anything other than to establish your income. For example, if the doctor indicates you have terminal cancer, you cannot be denied a loan because your medical condition indicates you will not be around long enough to repay. But if your doctor indicates you have a temporary disability, like a broken leg, then the income will be deemed unlikely to continue and your loan denied.

The source of your income is irrelevant, so long as the income is steady, stable, and likely to continue. Your loan approval will depend on your credit and debt load.

Answer 3

Yes, you can. As long as long as your monthly payments are less then 50% of your SSI. When you apply you just have to show an award letter from them. Also, they gross up your income because it is not taxed. So if you SSI check is for $1,000 they would actually use $1,250. Also, by law they can not put in am adjustable rate it has to be fixed, so watch out some companies try to squeeze that through the systems to take advantage of you.

Answer 4

Sure you can. Disability is like an income. It is just like you are getting a regular paycheck. Also check with your local mortgage broker you may qualify for some special assistance programs.

Good luck.

Answer 5

Yes, if the disability income is permanent.

Answer 6

Yes, as long as you can afford it.