can a disabled couple on SSD get a mortgage?

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Hello, married disabled couple ages 41 and 43 looking to be first time home owners. Credit score is fair(though I don’t know why, was able to get a new car loan and credit card and they have been paid on time for 6 months) have 2 delinquent loans of total $ 1500 that will be paid off in the next month(hope that raises the score) Home in NY will be around $ 200,000. Down payment will be $ 40,000(thanks in part to my mother). Score is 569. I am expecting to pay around 7% interest(I based that on our score but the lower the better). Income is $ 3700(no taxes are taken out of SSD and disabiltiy insurance) a month and the mortgage calculators I’ve used said we can get a $ 162,000 loan. Can this happen? Should I keep dreaming? I am trying to be realistic. Based on anyones experience with what I have written is this feasable? I know a mortgage specialist will help us but I wanted to ask here first. Thank you!

  1. Reply
    April 30, 2011 at 12:36 am

    you can get a mortgage

  2. Reply
    April 30, 2011 at 12:49 am

    I suspect you’d need to go with a WHEDA loan. You’ll know more by talking to the bank. They want people to make payments, and they look at so many factors. Income is a major one. Banks are real shy about doing home loans right now so you would need to talk to the bank of your choice about this to see if they’re agreeable to the risks you present.

    But pay off the loans first, they WILL do a credit check and any outstanding amounts will be a bad mark against you if they’re delinquent. You want to give as good an impression as possible.

  3. Reply
    April 30, 2011 at 1:14 am

    As long as you can financially afford the monthly mortgage payment.

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