Buying a house is a life-long dream for everyone. Imagine, having a home that you can call your own and without any rent to pay once you’ve completed the loan. But for those who only receive Social Security Disability benefits, owning a home seems impossible. They often fear that they don’t have enough income to even qualify for a mortgage. It isn’t necessarily the case.
The US government and many organizations say that many people who receive their Social Security Disability benefits can qualify for a mortgage so they can get their house. Also, there are several programs in place that aims to help individuals with a disability to apply or a home loan.
The home loan application process for people with disability
The first step that you need to take is to determine how much you can afford to pay each month. It’s highly advisable to use an online mortgage calculator to help you determine the property value that’ll fit your budget. You can manage your finances better when you plan the payments well.
The next step that you need to think about is to identify any special needs that you may require when it comes to services and accessibility. Once you’ve determined these things, you can then start browsing for properties on the web. Another way is to work with a real estate agent who can help you find homes that’ll fit your budget.
When you’re looking for a few home loans in Utah, you need to be aware of specific laws. Persons with disabilities have laws that protect them from any form of discrimination. So, when a real estate agent or a financial institution doesn’t abide by the law, they can be legally liable for it. Under the Fair Housing Act, all sellers, lenders, real estate agents, and landlords cannot discriminate against anyone who has a mental or physical impairment when it comes to buying a home. This law includes altering any offer, changing fees, or even adding criteria out thin air.
Programs to help you get a house
For those who are receiving Social Security Disability benefits, several programs can help them get a house. One of them is the Fannie Mae Community Home Choice. It’s a government program that allows disabled individuals who want to buy a home but have a limited source of income. Another program that you can also consider is Section 8 Housing. It’s a voucher program that helps lower a person’s monthly home loan payments. Most people assume that Section 8 is meant for renters. But the truth is that it can also help people get home.
You can request for help to lower your monthly home loan payments if you qualify and the Section 8 office in your area participates in the homeownership program. Having a disability should not hinder your dreams of becoming a homeowner. It’s crucial to work with a real estate agent to help you find the right program that’ll help you financially. Remember that homeownership can be a reality if you only know which program to use.