As a qualified veteran, you know that you’re entitled to buy a house with a VA home loan which, in turn, gives you access to a lower interest rate and better loan terms than you’d find with a conventional mortgage. Though the terms are more flexible, you still need to produce proof of income to qualify for VA mortgage loans in the first place. So, what happens if your primary source of income comes from Supplemental Security Income benefits due to a disability? Though the application process is slightly different, you can still apply for a VA loan. Here’s what you can expect when you apply.
You Still Have to Prove You Have Income
Every lender will expect you to provide proof of income whether you’re applying for VA mortgage loans or conventional mortgages. If your income comes from SSI payments, you’ll want to show proof of those payments. Submit your bank statement and any supplementary documentation that shows the amount you receive every month. If you’re concerned, you can also let your lender know that you’re using SSI payments as income at the time that you apply. They’ll be able to let you know exactly what documents you’ll need to submit to move forward in the process.
Your Disability Status Shouldn’t Matter
The most important thing to remember is that lenders will not view your disability status as a negative factor on your application. All they’ll need to worry about is your ability to make the minimum monthly payments on your VA loan. If a lender expresses concern about your disability status, find a different mortgage provider to work with.
You Don’t Have to Use Your Savings
Though it might seem like making a down payment on your home will make applications for VA mortgage loans look more attractive to lenders, you don’t have to. In fact, it’s almost always better to hold onto your savings to help cover your personal expenses. That said, the amount of money you earn through SSI payments, investments, and any other source of income may influence the amount of money you’re able to borrow. Remember, you still have to satisfy each lender’s individual mortgage requirements to qualify for the loan. As long as you do, you’ll be in good shape.
If you’re worried about applying for VA mortgage loans as a disabled veteran, don’t panic. Reach out to Mortgage Solutions Financial and let our experts help you find the best loan possible.