How to get a mortgage and buy a home when you have a disability

How to get a mortgage and buy a home when you have a disability

Owning your own home is one of life’s great pleasures, one that should be open to everyone who has the financial means to make the purchase. However, people with disabilities can be made to feel that taking on such a big commitment is not for them. Nothing can be further from the truth and providing you meet the necessary requirements that apply to everyone, either able bodied or disabled, then there is no reason you can’t secure a mortgage.

An article by Mortgagecalculator.biz: ‘While more than 40 million people in the US live with a disability, just a small proportion benefit from home ownership, which promotes greater independence, community involvement and a sense of control.’ More disabled people should be encouraged to take the step and take control of their own lives.

As it is, many people with disabilities live in group homes or care facilities but with sufficient adaptation, many houses can be made suitable to accommodate disabled residents. With this comes all the benefits of home ownership, including being part of a community, connecting with neighbors and having a greater ability to make your house a home.

Are you ready for the commitment?

Of course, as is always the case, a mortgage and house purchase is a very big commitment and one you need to weigh up before you sign on the dotted line. Everyone needs to consider their options before diving in at the deep end. While some of the specific issues may be different for buyers with a disability, the process remains exactly the same.

However, you may need to be aware that the financial side of getting a mortgage can be slightly trickier for disabled people, depending on their circumstances. As Bankrate pointed out in a recent article: ‘People with disabilities get a large amount of their income from Social Security, lenders often count this as a secondary income source instead of a primary source, making it a challenge to qualify for traditional mortgages and creating a void for the disabled’. You need to think very carefully about your finances before making any decision about property or getting a loan.

According to RefinanceMortgageRates.org you should always speak to someone: ‘who fully understands your condition, should make a complete listing of your special needs in order to determine what home type and interior design will best meet your daily requirements’.

Top tips before making the decision

• Clarify your needs and make sure you are have thought of every eventuality with regards access, transport, the physical layout of the house and proximity of facilities
• Get the right help, especially if the terminology is confusing. Buying a home is never straightforward so the more advice you have the better
• Learn what rights you have as a homebuyer and with regards to being discriminated against because of your disability
• Find out if you are entitled to any financial aid when purchasing, especially if you don’t qualify for a standard mortgage loan

To find out more about what you need to think about before you buy then this article from Realtor.com contains some useful information.

What are the potential consequences?

Of course, you need to be aware of the pitfalls of home ownership and taking out a mortgage. No more landlords to fix faulty plumbing and electrics. As the homeowner, the onus falls on you to make repairs. These can be costly and time consuming. Also, you need to consider what happens if your circumstances change and you are unable to meet the mortgage or loan repayments. This will be something you can discuss with your bank before you take out your loan.

How to tackle discrimination

The Fair Housing Act prohibits any discrimination by lenders, agents, landlords or realtors from discriminating against you on the grounds of race, sex, religion or disability. This means you are granted the same rights as everyone else and that they are protected under law. You can find out more about your rights as a disabled home buyer by reading this article at disabled-world.com.

How to calculate your mortgage

There are a number of online mortgage calculators where you can see what potential mortgage you can get. This will help you to find out what kind of price range you can begin to search. You will usually find it easier to meet with an estate agent or realtor to discuss your needs and requirements. They will then be able to narrow down your property search to fewer houses. Online realtors can also be useful when searching for property.

Buying property is always a big deal. You need to do plenty of research and calculating of your own finances before you can even start looking. However, if the numbers add up, there is nothing to stop anyone, disabled or able bodied, from enjoying home ownership.