Where to get lending when on Social Security disability?
Where to get lending when on Social Security disability?
I'm on social security disability which is supplemented with private LTD benefits. My husband has just transitioned to LTD with our private provider. My problem is that I need to refinance our 10-yr note on our moble home to lower the monthly amount, but current lender won't consider SS Disability as income for debt to income ratio calcuations, therefore won't refinance us. Both our credit scores are in the good range. Where do I go to obtain lending in this situation?
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Well, you can contact other local lenders and check out if they can help you in getting your mortgage refinanced. You can even contact the private lenders and take their assistance in getting a loan. However, private loans are available at a very high interest rate.
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As per the Federal fair housing laws, nortgage lenders can not discriminate borrowers on the basis of their disability. A borrower can not be discriminated simple because he or she is receiving social security disability benefits. If you feel that you are being discriminated, you can file complaint. You can also approach other lenders for mortgage refinancing.
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Hello,
I am issuing a statement claiming my Bank Wells Fargo may have used the fact of being disabled as a negative in evaluating increasing my existing LOC attached to my townhome valued at $230k having no motgage paid in full 8 years ago at purchase . Presently the LOC is $50k with outstanding balance of only $6k. I have $230k solid equty at current home value plus $75k cash in savings acct with them.= approx $305 net worth. i was advised when filling out forms last week to go for larger amt of $100k in addition to current LOC $50k. Being turned down may simply have been a redit score situation showing scores 660-690. This number shocked me as for 40 years I have had great creit all through career. I was placed on SSDI 8 years ago making $21k -- $1660 month. I have 0 debt.(a few $ on credit cards total. Have always kept balance on my existing LOC under $1-2k only recently it has rose to approx $6k which will be paid dow by end of year. 40 year, never mortgage problems (have owned last 2 homes cash).
I would think I would be in excellent position for extra on LOC, refinace or even mortage based on equity and cash on hand. I am in need of only $60k, but if could qualify for up to $100k max would consider if needed depending on cost of prospective home. I would think I would be considered low risk.
Please let me lnow what you think about how to secure funds from a legit firm offering competitive loan rates. I have contacted Chase being as I hold 2 credit cards with them and having 5 star credit pynt history with them.
I will look forward to your response. Thank you
Paul