First Time Home Buyers Credit
If you are on disability and buy your first home, do you still qualify for the first time home buyers credit?
I always enjoy meeting new people here in my First Time Home Buyers Blog. Thanks for coming by and asking me a question. Here I allow people to own my brain for a minute.
Your question is a good one, however I hate to mention this but the First Time Home Buyers Credit has ended in 2010.
So if the tax credit is what you are referring to, this will not work at this time.
However, even without a tax credit available, if you have enough income to qualify for it, you can still buy house if you are on disability.
The debt to income ratio (DTI) is important and your current credit picture.
To figure out your debt to income, click here. Use this calculator to figure out how much home you can afford.
To understand your credit requirements and to see if you qualify for a loan I recommend you look at this page, use the lenders link at the top of the page and they will take the time to help you through this mortgage process.
Just be sure to explain to them your situation, and tell them you are a first time home buyer.
I hope this helps. When I was in the mortgage business, I remember this one guy who was on disability that I was able to help buy a house.
His credit was in pretty good shape, his income was enough to buy a $50,000 house. He was so happy, he could not believe he could be a home owner.
It was an FHA Home Loan I put him in. I feel this is the best product on the market for first time home buyers.
Click here to post comments
Return to Mortgage Questions.