Who makes mortgage loans to 100% disabled vets with poor credit but very good and GUARANTEED income?

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My friend is a 100% disabled vet – he has poor credit (due in part to his disabilities). Being 100%, he has more than enough money to pay a good sized mortgage payment every month. This money is guaranteed for the rest of his life (and he’s young yet). This income will never go away and in fact will only go up as time passes. With his poor credit, are there any places that would give him a mortgage so he can buy a home?

12 Comments
  1. Reply
    fodaddy19
    February 4, 2011 at 8:16 pm

    Your credit score has nothing to do with any disability. It has to do with what your track record is when it comes to paying back money that you owe. It also has very little to do with income, you could make very little money and still have a good credit score. Your friend has bad credit because he is/was living beyond his means. Anyway if this person is going to have a good amount of money coming in regularly for the foreseeable future, then he needs to repair his credit first before buying a house. If you’re description is accurate then he’s already in good shape to accomplish this. Here’s my recommendation. Save up around $ 1500-$ 2000 cash. Next he needs to go to his bank and take out a personal loan for $ 1500. Pay it with back with the $ 1500-$ 2000 he has saved, repeat this about 3 times, he’ll have to pay interest of course, but this will really help his credit score and will only take a year or so to do.

  2. Reply
    Justmeinthisworld
    February 4, 2011 at 8:25 pm

    how did his credit get bad if he has so much money?

    his best bet is to improve his credit score and as long as he has guaranteed income he can get a mortgage

    if he has that much money he should be paying his old debts not taking on new ones–that will improve his score

  3. Reply
    Teddy & Chiliswoman
    February 4, 2011 at 9:16 pm

    I doubt it.

    Banks want to lend money to people who will pay them back. Bad credit demonstrates a bad risk. 5 years ago it could have been done, but not now.

    What I was recommended when my credit was lousy (and now is good) was to get a total of 6 credit lines. 2 loans that you have to pay back on a monthly basis, example is a car loan or one of these pay back in 6 months no interest charged. 2 utility bills that are paid on time in full for 1 year. 2 credit cards. Don’t pay these in full. Let them accumulate some interest. Don’t charge more than 50% of the credit you are given.

    In one year your credit should improve.

  4. Reply
    kitkool
    February 4, 2011 at 9:18 pm

    yes.. you may be financed for a slit 80/20 loan.. to find out accurate information about this please talk to a lender. Also if you happen to work for the state that you live in they may have a hidden deal where they will pay for the downpayent on your house… best person to contact is your local housing or agent dealer to get more informatoin. good luck

  5. Reply
    allansc2005
    February 4, 2011 at 9:32 pm

    ditech.com claims to accept “poor credit” applications

  6. Reply
    kevin c
    February 4, 2011 at 9:48 pm

    you have 2 options:
    1) work with a local bank officer, discuss your situation in detail, and obtain a ‘friendly’ ear. Must be a community bank, must be a link to the bank that ties back to you, ie a personal friend, friend of a friend etc.

    2) Get someone that has good credit to co-sign for the loan. A mother/father/relative, good friend etc. The catch is, they need good credit too..

    The real issue is that you have bad credit to begin with. Is it more reasonable to assume that you have had bad performance on paying back loans or are already stretched to thinly, or that you got a bum rap? More likely you have the credit you deserve.

  7. Reply
    jus j
    February 4, 2011 at 10:38 pm

    yes, the long way is to repair and rebuild your credit …. it may take up to a year … pay all of your bills on time starting now … make arrangements to pay of any other debts that are giving you a bad rating … take out secured loans from banks even small amounts will do … or the short way place it in someone else’s name until you can purchase it yourself

  8. Reply
    gimpalomg
    February 4, 2011 at 11:12 pm

    Actually there are at least two ways. Bigger down payment, and/or higher interest rate.

    Good luck.

  9. Reply
    hen d
    February 4, 2011 at 11:18 pm

    yes….you can get it but at a higher interset rate

  10. Reply
    AG
    February 5, 2011 at 12:14 am

    Yes, but you’ll most likely have a much higher interest rate. One option is to hire a mortgage broker. They’ll take your information and find you the best terms for a mortgage. You have to pay them to do this, but it’ll most likely get you a better rate than you doing it on your own.

  11. Reply
    Real Georgian
    February 5, 2011 at 12:50 am

    Bad Credit You Can Still Get a Mortgage to Buy a House
    By: John R Blakefield

    Sure you can…just do some research on this web site…check some of the ad links and see what offers they make you.

    Good Luck

  12. Reply
    Lance
    July 20, 2012 at 1:53 pm

    Don’t listen to these self-righteous, judgmental nuts. the VA has a process in place for disabled veterans who are 100% disabled. Check in with them. You may have to have made perfect payments for one or two years. Check this.

    Strength and Honor to all my fellow Veterans.

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