Question:
I have been drawing a non-service related pension and SSDI for nine years. Can I buy a home through the V.A. with that income without being penalized by the VA? Thanks Jim!
Jim's Reply:
Hmm. Well, in theory...yes. To use your VA loan certificate you need an honorable discharge and that's pretty much all. However, that is the tip of the huge iceberg. Once you have your certificate in hand you must find a lender. VA doesn't lend money, you have to find a bank or mortgage lending service who will loan you money based on your income, past income and creditworthiness.
You tell me that you have a VA pension and SSDI as your only income. That you're drawing VA pension tells me that you're very low income and I'll assume that the SSDI offsets much of the pension payment. Whatever a home costs where you are is what you must borrow and you must show that you're a good risk to get that much money.
Homes today are expensive, very expensive. Lenders are often free with the money so long as you're a good risk. Having said that, I'm having a hard time with thinking of a lender who would accept your income as adequate to make a purchase even with the VA certificate in support. You can try but be aware of the hurdles you face.
Good luck.