Posted on: 31st Jul, 2009 03:16 pm
My mother is on Social Security disability. She has money in the bank and will put down 50% on the purchase of a home can she get a loan? I will be moving in and paying the mortgage, but I can not be on the loan due a divorce and bankruptcy.
Hi,
A 50% down payment for the purchase of the home is great. It helps one get a home loan at affordable interest rate. If your mother has good credit and can put down 50% of the purchase price, she has a good chance of getting a loan. But, what she needs to show is a good income. She must have enough income to be able to afford the monthly mortgage payments. In case, her income is not enough you or someone else will have to co-sign with her.
A 50% down payment for the purchase of the home is great. It helps one get a home loan at affordable interest rate. If your mother has good credit and can put down 50% of the purchase price, she has a good chance of getting a loan. But, what she needs to show is a good income. She must have enough income to be able to afford the monthly mortgage payments. In case, her income is not enough you or someone else will have to co-sign with her.
with 50% down payment, you can definately get a great deal. you can apply as a cosigner.
Also Habitat for Humanity (HFH) is a globally known organization and has built homes for families and individuals with disabilities and in need of financial support all over the world. you can take their help. there is one more organisation know as "National Organization on Disability"
Also Habitat for Humanity (HFH) is a globally known organization and has built homes for families and individuals with disabilities and in need of financial support all over the world. you can take their help. there is one more organisation know as "National Organization on Disability"