Home Buying in Rockdale>Question Details

Charlene, Home Buyer in Rockdale, TX

i am disabled and i live on a fixed income , is their anyway for me to buy my first home

Asked by Charlene, Rockdale, TX Tue Mar 16, 2010

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Sure - you can but does it make sense. If you want to and can afford the amenities to be able to exist comfortably there - then go for it. If it is sensible for you to find a place to rent that can accomodate you then weigh the good and bad.

There might be help out there for you as well. Were you in the military? If so they have programs to help as well. If you need some assistance - I would not mind helping you. I need more details if you would like to share.
0 votes Thank Flag Link Tue Mar 16, 2010
Permanent disability is the same as a job with one exception. When applying for a mortgage you get to multiply your income by 1.25 for their calculations.

Generally speaking yearly income x 3 = safe mortgage.

The real question is does buying make financial sense for you. It could, renting might make more sense. Please look at the blog below and see which works best for you. Since disability pays no taxes you can rule out any tax benefits.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…

Even if financially it makes more sense to buy does it really? Consider the blog below for a different way to look at this. Buying means you have to do a lot or work on a house. Being disabled some of that could be impossible for you to do yourself and very expensive to pay to have done. Please read and consider.
http://www.trulia.com/blog/dan_chase/2010/02/why_rent_if_you…

Whatever you decide to do, I hope your housing decision is one that helps you to live as you both wish and is safe to do.
0 votes Thank Flag Link Tue Mar 16, 2010
Having a fixed income is not the issue if you have a good credit score and a down payment that is the more important I would start with your bank they would be happy to take a look at your income and let you know what kind of mortgage you could qualify for va,fha, home path ect then find a good agent that will work for you to get the best home for the money that meets your special needs
0 votes Thank Flag Link Tue Mar 16, 2010
Sure. For mortgage purposes you will treated like any other. Pull credit, income verification, rent history, etc. Once you find out what amount you qualify for you can even search properties on this site. I recommend having a local buyers agent assist you in finding just the right property for you. The best of luck to you!
0 votes Thank Flag Link Tue Mar 16, 2010
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