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Old 12-10-2011, 09:31 PM
 
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i am 36 and have been on ssd for close to 3 years. i am perminit and total dissability. i recieve over one thousand per month. my credit is bad, but the total debt is only around five thousand if that. could i and how could i get a morgage?
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Old 12-11-2011, 09:08 AM
 
Location: MID ATLANTIC
4,061 posts, read 8,791,330 times
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Most likely not. You need to resolve any outstanding delinquent debt and show you can pay a small credit card or two on time. Can't get credit? Google "secured credit card." Once you get the bad credit resolved and build a credit rating, you should be able to do something. But no one is going to give you a large loan until you can demonstrate you can repay smaller debt.
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Old 12-11-2011, 09:13 AM
 
Location: The Triad (nc)
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Quote:
Originally Posted by richard witham View Post
i recieve over one thousand per month.
could i and how could i get a morgage?
ssd and debt issues aside...
and even if you had substantial funds for downpayment, closing, etc...
after your other living expenses (utilities, grocery, auto, etc)...
how much of that $1000 remains available to pay a mortgage with?
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Old 12-12-2011, 03:09 PM
 
508 posts, read 451,639 times
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Quote:
Originally Posted by richard witham View Post
i am 36 and have been on ssd for close to 3 years. i am perminit and total dissability. i recieve over one thousand per month. my credit is bad, but the total debt is only around five thousand if that. could i and how could i get a morgage?
Why would you even want a mortgage? It's just going to add financial stress. Just focus on living with your disability.
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Old 12-13-2011, 07:59 AM
 
2,774 posts, read 3,454,713 times
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Quote:
Originally Posted by msdmoney View Post
Why would you even want a mortgage? It's just going to add financial stress. Just focus on living with your disability.
Either a mortgage or pay rent...... dont forget, people have to live somewhere. Typically its still cheaper to own than to rent and you have something to sell when you move.

Focusing on your disability? What does this mean?
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Old 12-13-2011, 08:47 AM
 
3,361 posts, read 7,522,089 times
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Quote:
Originally Posted by 399083453 View Post
Either a mortgage or pay rent...... dont forget, people have to live somewhere. Typically its still cheaper to own than to rent and you have something to sell when you move.

Focusing on your disability? What does this mean?
imo, typically it costs more to own than rent. could vary by location, but...
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Old 12-13-2011, 10:51 PM
 
508 posts, read 451,639 times
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Quote:
Originally Posted by 399083453 View Post
Either a mortgage or pay rent...... dont forget, people have to live somewhere. Typically its still cheaper to own than to rent and you have something to sell when you move.

Focusing on your disability? What does this mean?
It is highly dependent on the area, in mine it is much more expensive to own than to rent, and even worse when you account for all of the costs including maintenance, taxes, insurance, etc.

He said he had a permanent and total disability, and is unable to work. I take this to mean he has a disability that makes it difficult to accomplish normal day to day tasks. I would say priority one is coping with and managing the impacts of the disability. Owning a home creates a lot of opportunity, but it also adds a lot of responsibility, something that would be difficult when dealing with a permanent and total disability. Therefore I would say it's more important for him to focus on managing and dealing with the disability rather than trying to manage and deal with the responsibility that comes with a property.
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Old 12-13-2011, 11:04 PM
 
451 posts, read 707,215 times
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Quote:
Originally Posted by richard witham View Post
i am 36 and have been on ssd for close to 3 years. i am perminit and total dissability. i recieve over one thousand per month. my credit is bad, but the total debt is only around five thousand if that. could i and how could i get a morgage?
1) HOW bad is the credit currently, do you know your score?
2) How much are your monthly payments for current debt? Have you been late on any of them?
3) How long have you been receiving current amount? (the whole 3 years? This would be a good thing)
4) How much is your rent now?
5) Where do you live? (matters in terms whether housing is affordable enough, since the total payment can not exceed about $300/mo - which is perfectly possible in some areas)
6) How much exactly is your benefit amount? (every little bit counts)
7) Do you have a chance to save or receive a gift of downpayment from someone?


Inho, it might be possible but involves a lot of "ifs".
I also do think that owning might be cheaper in lots of places, and for that reason alone, could be considered. Perhaps, the OP's family could help him with some of responsibilities (and even with disability, he could do a lot homself)
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Old 03-13-2013, 11:26 PM
 
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Hey, I was looking for information on this topic and came across this thread, I know its dead and all but I wanted to let you know that you are wrong to assume an individuals disability automatically impedes their ability to manage finances. Many do, many don't. It depends on the person, that hardly matters because while owning property does present stresses; homelessness presents many, many more..

Quote:
Originally Posted by msdmoney View Post
It is highly dependent on the area, in mine it is much more expensive to own than to rent, and even worse when you account for all of the costs including maintenance, taxes, insurance, etc.

He said he had a permanent and total disability, and is unable to work. I take this to mean he has a disability that makes it difficult to accomplish normal day to day tasks. I would say priority one is coping with and managing the impacts of the disability. Owning a home creates a lot of opportunity, but it also adds a lot of responsibility, something that would be difficult when dealing with a permanent and total disability. Therefore I would say it's more important for him to focus on managing and dealing with the disability rather than trying to manage and deal with the responsibility that comes with a property.
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Old 02-24-2014, 11:57 AM
 
1 posts, read 1,877 times
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Hey I Need Your Help,

My wife & I are each Disabled from diferent car accidents 32 & 29 yrs ago. She has a good part time job, but mine ended about 2 months ago due to NO fault of my own. Financially, we're keeping our heads above water, but I know of a few "Superfoods" that almost assuredly would correct my lower back, foot nuromas, slow thinking & R. sholder pain (all of which are from the accident of 12-1-84). Doctors are bad/poor jokes and their drugs are worse! I just need a little $300 loan, but no bank will help me out. Does anybody know of any solutions?

Needy Of Help,

Dale (healthnutjesusfreak@gmail.com)
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