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Carnley56 · Joined: 27 Aug 2007 Posts: 1 1.66 Dollars($)

i am disabled i draw with my husband 1,35.00 a month,,we need a home loan to help us out. my home is paid for
apraise at 48,000.00 i gave 35,000.00
in 2001

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Sorry to hear about your physical condition Carnley.

How much loan are you looking for? Please give some more details about your income & any monthly debt payments you may have.

Guest

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Carnley,

Nowadays there are many loan products available for people with disabilities. The Fannie Mae provides loans for low and middle income disabled families to purchase their own homes.

And if you are old aged, you can also get a loan from the Veteran Affairs Department of the U.S.

ezmortgageloanz · Posted: Tue Aug 28, 2007 5:02 pm Post subject:

I suggest you explore a FHA loan as they allow for the gross up of disability income by as much as 125%.

P.S. To Other Poster: The VA is set up from veterans and not the elderly.

Regards,

Scott Miller

heavenhack7 · Joined: 05 Apr 2007 Posts: 76 1.14 Dollars($)

hi carnley,

i m really upset after hearing your condition .if you dont mind can u give us some more information on what do you want from us exactly .i understand that u need a loan but you must provide your present condition .

lender will surely need all your details as one of the member answered above.

i would be pleased to help you if you give us a little details about yourself.

i hope you wouldnt mind

Caron · Posted: Wed Aug 29, 2007 4:22 am Post subject: RE: loan offer for disabled

Hi Carnley,

I'm not aware of your credit score or the state where you reside. Anyway, you can look out for loans offered by our community lenders.

The community lenders offer different types of loans to those having high, low as well as moderate income. If you can send us your Request for Mortgage Quotes, then we will be able to pass it on to the lenders. The lenders will try to match their profiles with your loan requirements and if it matches, then they shall contact you asap.

Good luck Smile

evolovik26 · Posted: Sat Sep 01, 2007 8:48 pm Post subject:

Look into a reverse mortgage to create cashflow since your mortgage is paid off.

Guest

what is "gross up of disability income" Scott?

blue · Posted: Tue Sep 04, 2007 5:39 pm Post subject:

Hi Klein,

Welcome to Mortgagefit discussion board.

If regular income a person receives is not subject to federal income tax then the amount of tax savings attributable to such non taxable source can be added to borrower's gross income. Such type of income can be like public assistance, military allowances or certain types of disability payment.

This is known as grossing up income of borrower.

One other thing is that the percentage of income that can be added cannot exceed the suitable tax rate for that income amount. In case borrower is not required to file tax return, the minimum tax rate to be used is 25%. As an example, if your income is in zero percent tax bracket, then only 25% can be used to gross up your income to qualify for a mortgage (That is why Scott said : "I suggest you explore a FHA loan as they allow for the gross up of disability income by as much as 125%.").

Read more on this topic from this section :- Non-Taxable Income

Do let me know if you have any other questions.

Thanks
Blue

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