Can you purchase a home if you have a low credit score and be on disability?

(0) | asked by: Amanda Hediger | share | 8 months ago | Report
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Jane Kolmer
answer by Jane Kolmer    |   Contact Me
Yes you can and no. You may not be able to buy a home now because of your credit, but you CAN start working on a plan to improve your credit enough to qualify. A lot will depend on just how low your credit score is. But, if you don't qualify for financing right now because of your credit score, you should find a good lender and start that conversation. Many lenders work with potential home buyers to improve their credit score and help you make a plan to improve your credit enough to buy a home. It takes a lot of work and patience and if you are not committed to the process or willing to follow their advice, your chance of success can be pretty low. Some lenders have special programs just for this type of situation. It takes work and commitment on their part too so picking the right lender that is willing to work through the process is also essential. If you don't know where to start and are in Monroe, Madison, Randolph or St. Clair Counties in Illinois we would be happy to give you the names of some lenders that have helped other clients of ours in a similar situation. If you are not then call a local Realtor and ask them to send you some names. A Realtor with a good reputation is probably your best bet. After all, we earn a good reputation by helping others. The fact that you are on disability is not a factor in getting a loan, but the amount of your income and debts will. This is also something a good lender can help you with. Good Luck!
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