+1 vote
asked Nov 29, 2017 in Buying a Home by anonymous

2 Answers

+1 vote
If you are no longer disabled,  and had decent credit prior to your accident, you should be able to receive extra flexibility from lenders due to extenuating circumstances. But you still have to qualify for a home loan. Your mortgage approval depends on three things -- your down payment (and some programs require little-to-no down payment), your credit rating, and your income. You have a good reason for not being employed recently, so that should not present a problem if your new income is sufficient to qualify for the loan you want.

If you receive disability income, all you have to prove is that it must be stable (you receive it regularly) and ongoing for at least three years. Your medical doctor and disability case worker should be able to document this for you.

If your credit took a hit three years ago, all you have to show is that it was good before that happened, and that in the last 12 months, you have paid your bills on time (your landlord and utility companies can vouch for this if you have not used 'regular" credit since your mishap).

You don't need to have opened new accounts or continued to use credit cards, but a manual credit report will need to show that you handle bills responsibly. Finally, check with your local housing authority or agencies in HUD's State Pages because disabled people can qualify for down payment assistance, help with closing costs and other benefits under certain programs. Good luck, and please write back if you have more questions. https://www.hud.gov/states
answered Dec 1, 2017 by GinaPogol (47,650 points)
edited Feb 6, 2018 by GinaPogol
0 votes
Under HUD GUIDELINES with gaps in employment you can qualify for FHA LOANS after 6 months of full time employment on your new job if the gap of employment has been six months or more. Less than 6 months employment gap, then 30 days of paycheck stubs with offer EMPLOYMENT letter and VOE. You do not need two years of continous employment in past two years. You just need 2 years of employment history.
Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
www.gustancho.com
answered Feb 6, 2018 by GustanCho (106,540 points)

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