If the mortgage applicant is not the person receiving Social Security benefits (for example, a parent buying a home for a disabled child), they will need to present both of the documents above. The Social Security Administrator’s (SSA) Award Letter or.If the mortgage applicant is the person receiving SSI or SSDI income, it can be documented in one of two ways: If you receive long-term disability income or insurance benefits, your lender will need to see a disability policy or statement from the benefits payer (typically the insurance company or a former employer).ĭocumentation requirements for Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) depend on who is applying for the loan. The most important thing is that you can verify your disability income will continue for at least three years or that you have a guaranteed job once you’ve recovered at the same income level as before. Like any other form of income, disability income will need to be properly documented for a mortgage lender to count it on your home loan application. So if you’re denied due to disability income on your application, try again with a different lender. However, mortgage lenders are allowed to set their own lending guidelines, and some may choose not to accept certain kinds of income. These types of income are allowed under all the major home loan programs, including conforming, FHA, VA, and USDA mortgages. Social Security Disability Insurance (SSDI).Supplemental Security Income (SSI) through Social Security.Long-term disability income from an employer or insurer.Thankfully, many home loan programs are happy to accept disability income on your application.Įligible income sources for a mortgage can come from: With low or no income from standard employment, it can be hard to fall within your lender’s debt-to-income ratio limits. However, they will ask about your income, and income can be a major challenge for home buyers who have a disability.
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The Fair Housing Act says lenders should not ask about your disability. Even if you’ve been turned down for a home loan before, now could be the time to apply for one of today’s programs. Home loans for disabled buyers can be a fast track to homeownership or to a better mortgage than you’re in now. Some people think they can’t own a home or get a mortgage because of a disability. Octo14 min read Home loans for disabled buyers are widely available
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