CATCH 22! If you’re permanently disabled and can not work, how can you get a loan to purchase a home?

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I’ve been disabled since 1997 and can never work again; I do, however, have income from worker’s comp. My checks have always been consistent, never late on rent or credit problems. Yet mortgage company’s prequalifications include a job – but I have steady income. Are there programs or alternatives for someone in my position? The disabled want to be homeowners too… Im’ only 33. There has to be a way around this catch 22.

4 Comments
  1. Reply
    jade_blu_eyes
    May 4, 2011 at 12:15 am

    Check into the USDA rural home loan. Its a loan for people with a low income, but with a good credit score. (Score of 660 or above) I have heard that if you are disabled, that it even betters your chances to get this loan. Just type in USDA Rural Home loan on Google,Yahoo,etc. and it will bring up different sites that tell you about the program. This program is for people who can’t get a conventional loan. The home has to be in a rural area. I hope I have helped. GOOD LUCK!

  2. Reply
    Credit Guru
    May 4, 2011 at 12:30 am

    If you have excellent credit you can apply for a “stated” mortgage. That is where you “state” your income but don’t need to document it. It will cost you another .25-.50% on your interest rate but you will be able to buy a home.

    Good Luck

  3. Reply
    mrscmmckim
    May 4, 2011 at 1:17 am

    My company doesn’t have prequalifications like most. All I care about when approving a mortgage is if the person had been sued and didn’t pay!

    I handle contracts for investors who carry the mortgage on houses they own.

    We are in Texas, Georga, Indiana, Los Angeles, soon to be in North Carolina and recently started in Oklahoma

  4. Reply
    chad_mercure2001
    May 4, 2011 at 1:25 am

    They are picke i know i am part on ssdi and i cannot get a loan of anything. Check with volcational rehabilitation in your area they may have a solution for u. Therey may be sometype of work u can do.

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