Forgotten Your Password?

Need to Register?

Question Icon

My only source of income is currently my disability pay from the VA. Would I still be able to get a loan?

by terry886 from Lancaster, Virginia. Feb 8th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

If the VA disability is permanent, then yes.. You must have sufficient income to service all your existing debt as well as the new housing payment.. we would need to look at your full profile to determine how much you can borrower and keep your debt to income ratios within VA guidelines. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 8th 2016
1
0
Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

Terry886 - yes, you can use your Disability Pay to qualify for a loan. I am assuming you would be interested in a VA Loan as they have the best rates and as long as the disability is service connected you will avoid paying certain fees. Even if it is not permanent disability pay, as long as other factors are meet it will not be an issue. I lend in VA, so if you have specific questions, please do not hesitate to contact me, thank you! Justin Murray (312) 256-4065 jmurray@WintrustMortgage.com

Feb 8th 2016
0
0
Jesse Stroup (jessestroup)
#193 ranked lender in California - 589 contributions

Yes, you will be able to get a home loan. VA loans offer 100% financing options, you can even ask the loan officer about a lender credit to help pay the closing costs. Call a local mortgage banker or broker.

Feb 9th 2016
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

That certainly counts as income (usually counted at 125% of what you actually receive), but you still need to qualify for the new mortgage based on total qualifications including other debts, credit, etc.

Feb 9th 2016
0
0
Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

I just qualified someone whose sole source of income is 100% VA disability rated.If you should need another good faith estimate and perspective from our fine mortgage company since 1887 please let me know.

Feb 9th 2016
0
0
Subscribe to our news feed.