Apr
12
can i get a first time homeowners loan if I am on state disability?
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I want to apply for a loan because I am considering buying my first home, but unfortunantly I got sick about threemonths ago so now I am on state disability. Will a lender consider me since I do not have a job?
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2 Comments
April 12th, 2009 at 3:55 pm
Yes. FHA is the way to go. You must have not owned a home for 36 months. That’s basically the only requirement. This is of course barring that you have the finances available to make a loan payment.
April 15th, 2009 at 5:59 pm
Can you prove that your disability income will continue for the next 3 years? That’s what we look at with new disability borrowers. Other than that, you have to qualify like anyone else. However, if you are on short term or temporary disability you won’t be approved. Hope this helps!