Easy Guide to Home Buying for People with Disabilities in 2024

Buying a home can often feel daunting, especially for adults with disabilities. But, there's good news! Not only are people with disabilities fully eligible for many mortgage options, but there are also special loans and grants out there designed just for them. 

These special deals can make buying a home easier by requiring less money up front and offering help with other costs.
 

Can You Buy a Home on Disability Income?

Yes. If you're getting disability income that's stable and reliable, you can qualify for a mortgage. The law protects you from lenders asking about your disability. 

The focus will instead be on your income. Despite potential challenges, such as not having income from a job, many mortgage programs are happy to consider your disability income.

Moreover, beyond regular mortgage options, there are specific loans and grants tailored for those with disabilities that can give you that extra push towards owning your dream home.
 

Owning a Home on SSDI or SSI

Whether your income comes from Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), you're on solid ground. 

These are both seen as reliable income sources by lenders, fitting perfectly well into the criteria for several home loan programs designed with disabled buyers in mind.
 

Income Requirements for Home Loans

Just like any other income, your disability income needs to be properly documented to count for a mortgage loan. 

It's crucial that your income can be verified as continuing for the foreseeable future, at least three years, to ensure confidence in managing a mortgage.
 

Special Mortgages and Programs for Disabled Buyers

If you're a person with a disability, or a parent looking to buy a home for a disabled child, there's a variety of special mortgage options and assistance programs available to make your dream of homeownership a reality. 

These programs offer benefits like lower down payments, easier qualification criteria, and even grants for buying a home or making it more accessible.

Where to look? Here are a few key options:
 

• Fannie Mae Home Ready Loan: Aimed at those with lower to moderate incomes, this program welcomes disabled buyers with open arms. It highlights low down payments (starting at 3%) and flexible credit requirements. Even better, it considers non-traditional income, like disability benefits.
• FHA Loans: Tailored for those with lower credit scores or incomes, FHA loans are fantastic for disabled adults. They offer low down payments and accept disability income, making them a strong option for government-backed loans.
• VA Loans for Disabled Veterans: If you're a disabled veteran, the VA loan program is hard to beat. Offering significant benefits like no down payment requirements and no mortgage insurance, it's a top choice for those who've served.

Check out: Veteran Homelessness Hits Record Low Under Current Administration
 

Wrapping Up

Your route to homeownership as a person with a disability might seem filled with extra hurdles, but there are numerous programs and loans specifically crafted to help you over them. 

Whether through proved income from disability benefits, specialized loan programs, or grants designed for accessibility improvements, buying a home is within your reach.

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