Home Buying Programs for People with Disabilities

Buying a house can seem like a challenging task, especially for individuals living with disabilities. However, there are special home loans and grants to make the process easier and more affordable.
 

Can You Buy a Home with Disability Income?

Yes! If you receive stable and reliable disability income that's expected to continue, it can be used to apply for a mortgage.

The Fair Housing Act ensures that lenders cannot ask about your disability, only your income. Although having a lower income can sometimes be a hurdle, there are mortgage programs that will consider your disability income.
 

Social Security Benefits and Home Buying

People on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) can buy homes. These benefits are seen as reliable income by lenders and can be used in applications for special disability mortgage loans.
 

Types of Income Accepted for Home Loans

If you're looking to get a mortgage with disability income, lenders will consider:
 

• Long-term disability income from an employer or insurer
• SSI through Social Security
• SSDI

Under most major home loan programs, including those backed by the government, these income sources are allowed.

Moreover, there are housing assistance programs and grants specifically designed to help people on social security disability buy homes.
 

What You Need for a Disability Income Mortgage Loan

Documentation is key. You'll need to show evidence that your disability income will continue for at least three years. This could be a policy or benefits statement.

If you're applying for a loved one, like a disabled child, you'll need additional proof that the income is secure.
 

Special Home Loans for Disabled Buyers

Many programs are tailored for individuals with disabilities, providing better terms like lower down payments and more lenient credit score requirements. Here are a few:
 

• Fannie Mae HomeReady Loan: This loan is great for people with moderate incomes and allows for down payments as low as 3%. Disability income is accepted, and you may use down payment assistance or gifts.
• FHA Home Loans: Ideal for low-credit-score individuals, offering low down payments (min. 3.5%). FHA loans accept disability income and allow you to use down payment assistance for the total down payment and closing costs.
• VA Home Loans for Disabled Veterans: VA loan programs offer significant benefits like no down payment and no mortgage insurance for qualifying members and veterans of the Armed Services – including those with service-connected disabilities.

Check out: Homelessness Among Veterans Reaches an All-Time Low
 

Rights and Accessibility

Remember, as a home buyer with disabilities, you have the right to fair treatment under the law. Also, grants may be available to make your new home accessible, which means modifying the home to suit mobility or health needs.
 

Final Thoughts on Buying a Home with a Disability

Buying a home with a disability is certainly possible with the right resources and programs. There are unique loans and grants available that can make owning a home a reality.

So make sure to explore these options, compare different loans, and find the one that best suits your needs.

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Find out if you're eligible for housing support here!