Poor Credit

Question: Can a person on disability, with poor credit own a home?

(Posted by: purplebutterfly on 2010-01-14 10:22:45)

I want to get off disability ( my hearing ) , I take care of my aged disabled mom. We can& #039;t buy or rent due to low income and credit issues. I have started a small business, selling products. We need a home in the country and have looked for a long time for the right place. I also look for real estate to make money but don& #039;t seam to find the right deal. Any good suggestions.

Posted by: Todd D on 2010-01-14, 17:01:51

Yes you can you could get a land contract or rent to own option. Todd Daehnert President The Advertiser youradvertiserpro.com

Posted by: golferwhoworks on 2010-01-14, 10:28:54

You can buy once you clear the credit issues. There is nothing stated that you cannot become home owners on disability. The fact is you will need to be in business for 2 years before any self employment income can be counted. I am a mortgage banker in Tn

Posted by: Common Sense on 2010-01-14, 10:31:47

If you have credit issues there is no way you 'll get a mortgage. You can rent as long as the landlord doesn 't check credit (not all do).

Posted by: Bill C on 2010-01-14, 10:43:42

Unless you can make the payments you will not be able to buy a house. I have been rated 100% disabled since 1968 by VA and I built a business that employs 150 people. One of my machinist is totally deaf. He keeps his hand on the machine to "hear " if anything is going wrong. If there 's a will there 's a way.

Posted by: Landlord on 2010-01-14, 17:27:09

The source of your income is not the problem, it is the poor credit. It is only possible to have poor credit if you do not pay your bills. Would you lend money to someone who you knew for a fact wasn 't going to pay you back? The banks are in the same position. You can 't borrow because they can 't trust you to repay them.