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  • Can a 100 percent Disabled Veteran Work and Earn an Income?

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    You’ve just been rated 100% disabled by the Veterans Affairs. After the excitement of finally having the rating you deserve wears off, you start asking questions. One of the first questions that you might ask is this: It’s a legitimate question – rare is the Veteran that finds themselves sitting on the couch eating bon-bons … Continue reading

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roivett

Ssdi And Va Comp Used As Income

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Hello All: I am currently on SSDI and 60% sc. I fully expect to go to TDIU 100% soon, (not so sure about P&T). I want to start to repair my credit and hopefully buy a house. I expect a 2 to 3 year process. My question has to do with using VA compensation and SSDI as income to qualify for a home purchase. Do mortgage companies or banks use those as sources of income? Has anyone had experience in that regard?

Thanks,

RWS

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RWS,

Just so happens I went to my bank a few months back to prequalify for a home loan. Not only do they accept both as income, they welcome it as guaranteed income. Apparently they'd never heard of the VA reevaluating ratings.

Good luck!

jaz

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Yes, loan & mortgage companies love people that have ssdi or va compensation and even better if they have both.

In their eyes, it is a guaranteed stream of income that will continue until the vet is gone.

No they do not think about the possibility of reevaluation of ratings, they just see the dollar signs.

Probably even more so now than when the economy was a littel more stable.

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Many overlook that our income is gross and net which makes a big difference. We don't have the expense of Income Tax and paying Social Security.

The Mortgage Company will look favorably plus you should try for a VA Loan as it guarantees the Loan which makes menders happy. Not so much for sellers and brokers.

Good Luck

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RWS,

Just so happens I went to my bank a few months back to prequalify for a home loan. Not only do they accept both as income, they welcome it as guaranteed income. Apparently they'd never heard of the VA reevaluating ratings.

Good luck!

jaz

yes all financial companies (banks etc...) will use it as it is a sure thing. Pete made a good point. Use the VA loan process. If you only have bad credit (vs BR) then normally all that is needed is one good credit line that has been paid on time for a total of 12 months along with rental receipts indicating a 12 month on time payment record of your rent. You will also need to insure that any charge-off's or tax liens have been paid. This sounds like a lot but it is nothing compared to attempting to qualify for a regular mortgage. Another option is rent to own. This will allow you to build up a down payment to use towards the purchase of the home. Also when you begin to use your option to purchase the loan is considered to be a refi vs a new loan. Refi loans are easier to qualify for. However, the VA home loan process is by far the best for all vets who have experienced a few years of bad luck in the credit market. jmho.

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