Would disability payments be considered part of your income when applying for a home loan?
July 31st, 2009 | by admin |
Daniel C asked:
I receive $770/month in disability benefits. Would this be considered income when applying for a loan to purchase a home?
Beatrice
I receive $770/month in disability benefits. Would this be considered income when applying for a loan to purchase a home?
Beatrice
No Responses to “Would disability payments be considered part of your income when applying for a home loan?”
By paul on Aug 4, 2009 | Reply
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.
By estielmo on Aug 5, 2009 | Reply
Yes, if they are permanent. Just as a pension would be. But $250 per month won’t buy much house.
By mary h on Aug 8, 2009 | Reply
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.
By Expert Realtor on Aug 10, 2009 | Reply
Yes it is, if the payments are permanent.