Home Buying in Fort Worth>Question Details

boneob, Home Buyer in Fort Worth, TX

I am on social security disability, can I qualify to buy a home. I am a VN Veteran and am currently renting, paying more than the cost of mortage.

Asked by boneob, Fort Worth, TX Wed Jan 16, 2013

Help the community by answering this question:


Don Groff’s answer
You really need to speak with a lender so they can see what you can qualify for. The fact that your income comes from disability has no factor. What matters is your debt to income ratio.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Fri Jan 18, 2013

You most certainly can qualify based on the benefits you receive. They are treated just the same as common income. You'll have to provide your award letter showing what the monthly benefit is and for how long it will be received. Just keep in mind banks will be more conservative with your debt ratio if you're on a fixed income. Be aware that you can use any pensions or retirement income as well, but it has to be documented as mentioned earlier.

You may want to consider NACA to help with your purchase. We offer mortgages with NO down payment, NO closing costs, and NO perfect credit. Check out http://www.NACA.com for some background.

Contact me with questions.

John Lyng
Mortgage Counselor - NMLS 280951
0 votes Thank Flag Link Sun Jan 20, 2013
Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Thu Jan 17, 2013
Yes and I if you need a lender to help you, I have several to choose from.
Call me at your convenience and I will assisst you!
0 votes Thank Flag Link Thu Jan 17, 2013
Dear Vet,

Seems like everyone wants you to call them or their favorite lender, but maybe you were wanting a more detailed answer to your question. I am a combat decorated veteran from Viet Nam myself, so I can sympathize with what you've been through. You are absolutely right about "paying more rent than a mortage would cost." Many people are in the same situation, so I'll give everyone the big picture with my answer to your question.
It does not matter where your income is coming from, the rules for getting a loan are the same for everyone. There are 3 main topics that a loan underwriter will be taking a look at when you apply for a loan; but you may not be READY to apply for a loan yet, so be careful how you let all these people encourage you to run right out and call a mortgage company. (Some real estate agents don't know much about the trials and tribulations of getting approved for a loan, so they just pass the buck to the last loan officer that they worked with. And then they pray you get approved. Their focus is just selling you a house.) My experience (over 32 years) has shown that some people have to do their homework before they apply to a loan officer, or you will be rejected. It is much better for someone to show you why you are not ready to apply for a loan, and then help you GET ready. That way, you don't have more inquiries against your credit report which have failed to get you a loan.
Back to the 3 things they consider... They look at your credit scores, your available cash on hand, and your Income-to-Debt ratio. Obviously, you first have to document your sources of income. This may be easy, such as a letter from the SS Administration. (in your case) Once they have verified your total income, then they rate it against your total monthly debt payments. After looking at your available cash, and the I/D ratio, we can figure out which type of loan is best for you. Several people have suggested you might qualify for the Texas Vet program, and it is an excellent one! But sometimes, veterans find that a good ol' FHA loan is better for them, and they save their VA loan for a second house. (You gotta weigh the pros and cons.) There are ways to document more income, or improve your I/D ratio. One of the first things a lender will look at is your merged FICO scores from the 3 main credit bureaus. The median score must meet the lender's guidelines. And if it doesn't, then you either have to find another lender who is more lenient, or you have to go home and work on raising your FICO scores.
This is an area where I have been able to help many people, as I am a Certified Instructor in Credit Repair. (Comes from previous job experience.) Raising your scores can take time, and a person will have to keep renting while we work on them. When I get a call from someone who has to move right away, I just help them find a rental house for 6 months to a year, as it will take quite awhile to raise your scores. But while they are renting, we will get to work on removing negative info and adding positive info to the credit report. I can show you how to analyze your own credit bureau report, and it will not count as an "inquiry." (It is also a free service.)
So --- if you've got these 3 issues all lined up, then you are ready to call a loan officer, and make a formal application for a loan. Once the lender issues you a "pre-qualification letter", then you are ready to go out and start looking at houses! We will pick out the best house for your family, and then I will negotiate the best possible deal for you. And all the way along, I will guide you though the process so there are no surprises. When your loan is ready for closing, we'll get a wheelbarrow full of cash, and we'll go to the closing together. :)
I hope this outline helps you. I will give you more information when we sit down and discuss your personal situation. Feel free to write and ask me any question you might have.

Best regards,

Rick DeVoss

ULTRA Real Estate



0 votes Thank Flag Link Wed Jan 16, 2013
I really appreciate your response. Although I am not a combat vet (USAF) I still need good honest advice which I believe you have provided. I think the only thing I need to work on is my I/D ratio. I have some cash on hand and I have good credit scores. I am still looking for a job so that I can become a "good citizen" again. Don't like being on disability (which by the way did not come from the military, although I have been told by other vets I could check with the VA and see if that might change) and want to find something that I can do to work around my disability. I will have to see what I can do to lower the I/D ratio...but being on disability makes that a bit harder than I would like it to be...of course life itself is never easy so I need to cut back on some things, sell some other things and do what I can. Again thanks for your reply. I am sure that the others are just as well intentioned but you struck a cord.
Flag Wed Jan 16, 2013

I am a preffered Realtor with Veterans Land Board (VLB). I would be happy to talk with you about your options.

Thank You,
John Reaves
Keller Williams Realty
817-789-5542 (cell)
817-920-7700 (office)
0 votes Thank Flag Link Wed Jan 16, 2013
Loans depend on so many things. Your best bet is to talk to a lender. Good luck!
0 votes Thank Flag Link Wed Jan 16, 2013
One of the best loans out there that very few people know about is the Texas VET loan. I am a Texas Vet pro.

Here is a link to the Texas Vet Program.


Best Regards,

Matt Konlande
Mortgage Branch Manager
Affiliated Bank Mortgage
5840 Interstate 20 West Suite 145
Arlington Texas 76017
817-881-6125 (Direct)
NMLS # 250451
0 votes Thank Flag Link Wed Jan 16, 2013
a mortgage consultant is the best person to ask. Heres a link of a lender I’ve had several clients use and he has very competitive rates. His name is Mike Laucks

0 votes Thank Flag Link Wed Jan 16, 2013
Your disability is an acceptable source of income for a VA mortgage. We also look at your credit score. A further benefit is that the seller is allowed to pay all of your closing costs. If your disability is 30% or greater, you'll probably qualify for the Texas Vet rate. This week they are quoting 2.56%.
There are many excellent loan officers who can help you with this, so ask your Realtor for a referral.
Thank you for your service!
Good luck to you, sir.

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes Thank Flag Link Wed Jan 16, 2013
I would be happy to help you. Please contact me, and I can direct you to a fantastic local mortgage lender who can help you get qualified for a VA loan.

Britta Hinze, Realtor®
Seen on HGTV's House Hunters!
Alexander Chandler Realty, LLC
6336 Camp Bowie Blvd.
Fort Worth, TX 76116
0 votes Thank Flag Link Wed Jan 16, 2013
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