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I am on Social Security disability I have a low score or a thin file my social security is 980 a month I have never had a home loan will I be able to get a home loan
asked Aug 27 in Buying a Home by Elizbethanne

1 Answer

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Hello and thank you for your question. Having a thin file should not disqualify you from getting a home loan. It's okay to have a low credit score as long as the reason is not bad credit. If you do not live in a highly-populated area, with your low income you may qualify for 100 percent USDA financing. The Direct program is actually funded by the government, and you get a subsidized interest rate (as low as 1 percent!) and a longer term (33 years) to keep your payments lower. https://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans

If you live in a city, you may be able to take advantage of other homeownership programs. HUD's State Pages list homeownership help available in your area. https://www.hud.gov/states

At your income level under a standard program and assuming that you have no debts, you'd be able to afford a payment of about $400 a month. If you can show that you currently pay more than that in rent, it could help you qualify for a higher amount. You may also want to consider co-ownership with someone so that you'd both be able to afford more. https://themortgagereports.com/31835/short-on-funds-get-a-co-borrower-to-help-you-purchase-that-home

Good luck, and please feel free to follow up if you have more questions.
answered Sep 10 by GinaPogol (43,100 points)
edited Sep 10 by GinaPogol

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