Home Buying in 27540>Question Details

Nita, Renter in Hendersonville, TN

Im on SSD and have been told I have good credit but because of my income I cant buy a home....is this true?

Asked by Nita, Hendersonville, TN Fri Jul 26, 2013

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Lenders are concerned about your debt to income ratio. If your income comes from several sources , lenders want confirmation that these are permanent and can sustain your monthly mortgage payments.

If they are approved by your lender, then yes, you can use your SSD as an income source to buy a home.
0 votes Thank Flag Link Fri Jul 26, 2013
Yes, this is true if your debt to income ratio is too high
0 votes Thank Flag Link Fri Jul 26, 2013
Have you checked with a mortgage professional? I am pretty sure temporary disability payments cannot be counted as income, but that may not be true for permanent disability payments. The amount of income may be an issue or the debt to income ratio. If you want a definitive answer, check with a mortgage professional. If you don't know one, talk t a local real estate agent and ask to be referred.
0 votes Thank Flag Link Fri Jul 26, 2013
I have a car payment and they said that's why....
Flag Fri Jul 26, 2013
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