Compare Mortgage Quotes

born2run43 · Joined: 11 Mar 2010 Posts: 9 3.58 Dollars($)

I am on Social Security Disability. I have been approved for a mortgage for $85,000. Does the first time home buyer credit apply to non earned income? Also, if I was claimed as a dependent on someone's taxes for 2009 and I buy the house in 2010, can I file my own taxes next year and still qualify for the credit? Are there any issues I should know about before getting my hopes up? I am 51 and this will be my first and last home. I would be fulfilling a lifelong dream and have something to leave my kids too.

Guest

Hello

I am also on SSDI but lenders I have contacted, wanted verification that my benefits will continue for at least 3 yrs and some even asked to get a letter from my Dr and review my medical records which I refused to provide.
I am sorry for not answering your questions but I am interested in knowing how you were able to verify continuance of your benefits.
Thank you and good luck

gmakerley · Posted: Thu Mar 11, 2010 9:45 pm Post subject:

laugino, i don't blame you for not divulging your medical records. i find it appalling that lenders would make that request. the standard industry practice is to verify that disability payments are likely to continue for at least 3 years.

it's always going to be the practice of lenders that you will be asked for some sort of documentation to try to verify that information. however, it ought to be sufficient to get, for example, a letter from your physician stating the likelihood of continuance. said letter need not address the specifics of your disability, however.

born to run, being claimed as a dependent on a tax return now would disqualify you now for the credit, but if you purchase a home before the end of july, you will be able to file your own tax return next year and claim the credit. there might be confusion about your being claimed as a dependent, but that only applies to the tax year for which you are filing for the credit.

i'm sorry but i think my last sentence was confusing. if so, just throw it out and read the previous one in which i said you can claim the credit based on what you asked.

Posted: Fri Mar 12, 2010 8:59 pm Post subject:

WOW. Thank you to George for taking the time to reply to little 'ol me! What you said makes perfect sense as far as the tax issue. Laugino, I actually called S.S. once to see if they could provide a letter stating that I would be receiving benefits for the next three years, but they said they have no control over whether someone gets better or works more than they are allowed, so they won't provide that. So, the next option was to get a letter from my DR. that stated that the combined conditions I have will not "go away" and that I will in her opinion, stay disabled. I have Bipolar disorder, Fibromyaglia, CFS, chronic pain syndrome and Hepatitis C. So that should suffice. The underwriter did ask, but I never made it to closing in AZ, and now have to start all over again here in Texas. I also have a payee, so I addressed that as well, and my Rep. payee stated that I pay my own bills and have complete control over the money in the account that my check is deposited into. It will be interesting to see if it makes it through. So I am submitting all the necessary paperwork to my loan officer to send to her underwriting dept. to see if it flies. I also have a statement from my doc that states I am capable of managing my own funds and affairs and she sees no problem with me keeping up with timely payments. Guess time will tell. You heard George's explanation on the requirements, being that it is "likely" to continue for 3 years. I wonder if we could find someone who actually was approved and didn't get stuck.. write me anytime, we can share info.

Wendy

gmakerley · Posted: Tue Mar 16, 2010 10:15 am Post subject:

the stipulation concerning disability income has been in place for many years. there have been, i'm sure, countless cases in which borrowers have been able to qualify while using disability income in their mix of income - simply by providing the kind of letter noted that states the probability of continuation of the benefits for at least 3 years.

it'd be nice to get some testimonies from those who've been down this road, so that it can become ever more clear for anyone facing this in the future.

born2run43 · Joined: 11 Mar 2010 Posts: 9 3.58 Dollars($)

I agree, I wish there were folks who would share their journey through the system so to speak and what they provided to the underwriters when the time came to sign on the dotted line.. anybody out there? My last post posted under "guest" while I was logged in. Not sure why but this is born2run43.. thanks, Wendy

Wendy

gmakerley · Posted: Wed Mar 17, 2010 9:21 am Post subject:

wendy, if you neglected to sign in, you'll be a guest. you can check off the box to have your sign-in saved, but i found that it hasn't worked. so if you think you're signed in but you haven't actually done it yourself, take the time to sign in and you'll be fine.

born2run43 · Joined: 11 Mar 2010 Posts: 9 3.58 Dollars($)

George, yep... that's what happened. I had the page open from the night before thinking I was logged in, then I wrote my post and hit send when I got up. Once I saw it posted as guest, I signed out and then in again and my little avatar was back! Thanks for looking out for me..somebody has to! Laughing

gmakerley · Posted: Fri Mar 19, 2010 1:31 pm Post subject:

believe me, wendy...we all need help!

laugino7 · Joined: 10 Mar 2010 Posts: 2 1.28 Dollars($)

My primary physician did not want to provide such letter and would like to know if a short letter from a Clinical Psychologist with a Phd stating "Mr L disability is likely to continue for at least 3 years" is acceptable.

Thanks

gmakerley · Posted: Tue Mar 23, 2010 8:33 am Post subject:

well, they asked for a doctor's letter, right? a psychologist is a doctor, too, so i suppose that will suffice. i would ordinarily tell you to go back to your lender directly with this question, but i think in this case it'll open up the proverbial can of worms if you tell them about the first doctor and his thought about having the psychologist do the letter.

if and when you speak to the psychologist, ask about previous instances in which he/she may have written such a letter - hopefully, this will provide you with a comfort level.
truly, this ought to work - keep in mind, though, that i cannot speak for that particular lender. it is still their call.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

SSD income first time home buyer