louise.kidde…, Home Buyer in Granby, MA

I've been on 100% disability for almost 1.5 yrs. what are my chances of getting a mortgage with a credit score of 780 and 25-40% down on apx. $100,000

Asked by louise.kidder226, Granby, MA Tue Jun 5, 2012

i am not a first time home buyer.

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Rudy R. McDowell’s answer
To further clarify: You will also have to prove that your disability will continue for a minimum of 3 years. A letter from your doctor will suffice. If you are premenately disabled, then a letter from your doctor stating this will also suffice. If you drawing disability through social security, then the classification number/letter(s) on your payment stub or awards letter may states this as well. If so, that's all you'll need.
0 votes Thank Flag Link Tue Jul 3, 2012
Hi, Louise. Your chance are very good and depends primarily on whether or not you're getting enough in disability income to qualify.
0 votes Thank Flag Link Tue Jul 3, 2012
I would recommend that you speak with a mortgage broker at a bank or at a Credit Union. Do you
belong to a credit union? It may be worth it for you to find out how to belong and how to get a
mortgage through a credit union. --- If you decide to pursue this avenue, I can help you with that.

UMass V is one Credit Union that I highly recommend.

Trudy Darity, 413-549 2600, ext. 35
Real Estate Agent with
Sawicki Real Estate in
Amherst, MA.
0 votes Thank Flag Link Tue Jul 3, 2012
You should speak to your local bank. If you need a loan person I have someone who can help. If you are looking in the Springfield area I can help you there too. It is cheaper to buy.
0 votes Thank Flag Link Thu Jun 7, 2012
It depends on the nature of your disability and if it's permanent. You would need to prove at least 3 years continuance and it's often difficult to get anyone to write on paper that your disability will be either permanent or will last 3 years. It's possible to do, but you need someone that has experience with this.

If you would like a reference for an experienced loan officer in MA, please let me know.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Jun 6, 2012
A lender will have to discuss the total picture with you, but based on what you said, I think your in a good position to qualify for a loan. If your disability is related to military service, then you also have other options under the VA loan process. You should speak with a local lender.
0 votes Thank Flag Link Wed Jun 6, 2012
The chances might be pretty good. Disability income can count as income for a mortgage it all boils down to if they will use your disability income and your debt to income ratios. Contact a local mortgage broker and sit down with them.
0 votes Thank Flag Link Wed Jun 6, 2012
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