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asked Sep 26, 2018 in USDA Loans by Taddo marino
edited Sep 26, 2018 by GinaPogol

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Hello Taddo Marino, and thank you for writing. Disability definitely doesn't disqualify you from getting a mortgage and buying a home.

We actually have an article about the best programs for getting a mortgage with a disability. You can find it here. https://themortgagereports.com/31507/best-programs-for-getting-a-mortgage-with-a-disability-in-2017

In addition to programs for people with disabilities, special income-eligible loans may apply to you, depending on where you want to buy and how much income you have from all sources.

For instance, the USDA offers two programs. There's the guaranty loan, which is backed by the government, but you'd get it from a private lender at the market rate. You need to have a 640 FICO score and purchase a home in a rural area.

And there is the Direct program for those with very low income, With the Direct program, the government itself lends you the money, and you may qualify for a subsidized interest rate as low as 1 percent! In addition, your loan term can be extended to over 30 years -- 33 to 38 years, in fact. That helps reduce your payment even more.

If you have a military-related disability, you're probably eligible for VA financing, special assistance to make your home accessible, and a waiver of your funding fee.

And there are many other opportunities, depending on where you live. I'd start with our article about mortgages for disabled people, and also look at HUD's State Pages https://www.hud.gov/states, which have contact information and information about local programs that may apply to you. Good luck and thank you for writing. And please get back to us if you have additional questions.
answered Sep 26, 2018 by GinaPogol (47,650 points)

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