After 10 years of marriage, I’m still enjoying living in the first home I moved into with my husband. Buying a first home can be one of the most exciting events in a person’s life. Before making this important expenditure, people need to first sit down and determine how they will successfully finance it. After all, a home will likely be the most expensive purchase you make in your life. Talk to a loan officer and determine how much money you can reasonably borrow. Then, decide how much money you want to use as a down payment. You also must decide how many years you will finance your home for. On this blog, you will learn about the process of buying a first home with a loan.
At the end of 2014 statistics show that 8,954,518 people were collecting disability checks. If you are a disabled worker, then you might be having difficulty obtaining a mortgage. When you want to become a home owner but your disabled status makes it difficult to find an affordable mortgage, there are some resources you can turn to for help.
Here are three agencies to contact for assistant when trying to secure a home loan while on disability in the future.
1. Department of Housing and Urban Development
The first place you should turn for assistance when attempting to secure a mortgage while you are on disability is your local Housing and Urban Development (HUD) office. These offices employ counselors who are certified to assist you with every step of the mortgage process.
Meeting with a HUD counselor will allow you to learn about some of the challenges you may face when trying to acquire a loan, and the counselor may even be able to direct you to resources that will help you financially meet your goal of becoming a home owner. When you have supplemental financial help, you are often able to acquire a more competitive mortgage rate on your home loan.
2. The Social Security Administration
Home loans are given based on your ability to meet certain financial obligations. If a lender perceives you as being at risk of failing to meet those obligations, your mortgage rate could be higher. Contacting the Social Security Administration to apply for Supplemental Security Income (SSI) could be a great way to help lenders see you as less of a risk.
SSI is designed to help individuals who have a disability gain access to cash for basic living expenses. When the money for your gas bill or food is covered by SSI, you have more disposable income to dedicate to a mortgage payment.
3. Non-Profit Organizations
If coming up with the funds for a down payment proves difficult, you can turn to a non-profit organization for assistance. These organizations rely on volunteers to help build homes that lower income individuals (like those with a disability) can afford.
Individuals approved for a home built through non-profit organizations pay only for the cost of materials, and are financed through loans with affordable mortgage rates. As an added bonus, your monthly mortgage rates in your area and payments will be pooled with other resources to help fund the construction of even more homes for disabled people in the future.
Becoming a home owner when you have a disability can be a challenge. Turn to agencies operating in your area for assistance, and you will be able to enjoy the lowest possible mortgage rate when attempting to purchase a home in the future.