Would disability payments be considered part of your income when applying for a home loan?
Posted by admin | Under disability Sunday Feb 8, 2009I receive $770/month in disability benefits. Would this be considered income when applying for a loan to purchase a home?
Yes it is, if the payments are permanent.
It can be if the payments can reasonably be expected to continue for the foreseeable future. As an example if you are receiving social security disability for a leg you lost in an accident. But if you expect the disability to go away or be cured it would not count towards a home loan.
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Yes, if they are permanent. Just as a pension would be. But $250 per month won't buy much house.
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yes
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Residential Mortgage Closer, 7 years
as long as its a permanant settlement .
but you would still have the regular qualifications - such as credit score and history to comply with, and most important - the percentage of income allowed to be applied towards a mortgage payment- which would be very little.
Realisticly -You would not be able to afford much of a house.
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Yes it is, if the payments are permanent.
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