Can I Apply For A Mortgage If I Receive Social Security Disability?

Did you know that you could collect Social Security Disability Insurance (SSDI) and apply for a home loan without facing discrimination?

Last week, the Consumer Financial Protection Bureau (CFPB) sent out a letter to mortgage lenders notifying them that it is illegal to impose burdens on people who receive SSDI benefits.

According to Mortgage Professional America, the CFPB issued a bulletin reminding lenders “requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk.”

The notice reportedly called attention to legal standards when it comes to ensuring that SSDI recipients receive fair and equal access to credit lines. The CFPB reported that more than 15 million people receive SSDI each year, with many people being veterans of the U.S. armed forces, who should not have to face scrutiny over home loan applications.

“Everyone deserves the opportunity to qualify for a mortgage that they can afford,” said CFPB Director Richard Cordray in a statement. “Consumers should not be put at a disadvantage just because they receive Social Security disability income. Lenders should continue to make fair and responsibly underwritten mortgages without imposing unnecessary requirements on consumers who receive these benefits.”

Applying for SSDI Benefits

It is good that the CFPD is reminding lenders that SSDI recipients should be treated fairly when applying for a home loan. Remember, many beneficiaries have worked extended periods and have had unfortunate luck when it comes to their health.

To receive SSDI, you must have earned work credits. This means that a person could have saved money to purchase a home from previous employment even if he or she is collecting benefits.

Do not hesitate to contact our Tulsa Social Security disability lawyers for a free evaluation of your case if you are thinking about applying for benefits or need assistance with an appeal. Social Security law is all we do.

Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers

Sourcehttp://www.mpamag.com/mortgage-originator/cfpb-issues-guidelines-on–social-security-disability-income-applicants-20348.aspx

Categories

    I didn't think there was a caring professional considerate attorney firm on the planet, but Troutman & Troutman proved me wrong. From the receptionist to the legal assistance to the attorney and more they were exceptional people.

    - Robert S.

    They did a fantastic job getting everything gathered up and getting the trial done as quickly as possible. Anytime I had a question they were patient and help me understand what was going on. Especially Christy and Charlie were great.

    - Michael M.

    Steve Troutman was able to get my short-term and long-term disability for me. Then Erin another lawyer for their firm got my Social security disability for me. Great people.

    - Billy S.

    Mr. Troutman walked me through the entire process. Heather was available each time I called, answered all my crazy questions, and helped me fill out forms along the way. I was never treated like I was wasting time.

    - Julia C.

    Erin and Keith were fabulous! They were compassionate, helpful, and very responsive! They made the process very smooth and painless every step of the way.

    - Valerie W.

We Are Here to Help 

Free & Confidential Consultations
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.