Home Buying in Orange Beach>Question Details

tammylawson, Home Buyer in 36561

currently disabled on disability after brain aneurysm rupture. first time home buyer. cani get financing anywhere to purchase homei been renting? help

Asked by tammylawson, 36561 Wed Oct 16, 2013

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Give me a call tomorrow at 251-295-5267 and I'll give you the name and number for a local mortgage broker that might be able to help you. If successful, I'll then help you find something within the budget she helps you set by getting you prequalified for financing.

However, if that doesn't work out, you may want to contact Baldwin Housing Alliance for free counseling on what you might be able to do to put yourself in a position to buy something at a later time. They can also tell you about special programs that you might qualify for, as well as helping you identify the lenders that offer those programs (not all do). For more information on how this non-profit program works, visit their website at http://www.baldwinhousingalliance.com.

I hope I can help you get over this hurdle and move forward with your dream of home ownership.
1 vote Thank Flag Link Wed Oct 16, 2013
Tammy,

Depending on how long your disability payments are due to continue, you can use that income, plus and extra 25%, to qualify for a mortgage.

If the disability payments are due to end soon, you will need a letter from your former employer showing the date you are expected to return to work.
0 votes Thank Flag Link Thu Oct 17, 2013
Hi Tammy,
A lot will depend on exactly what type of Disability Income you are receiving. If it is Short Term Disability Income, then that cannot be used. If it is SSI or Permanent Disabilty Income then that should be able to be used as Qualifying Income.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Most recent awards letter
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Thu Oct 17, 2013
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