Are there loans for people with disabilities? Can anyone qualify for help with paying for their mortgage?

These are questions that many assistance programs try to answer. For the over 10 million people receiving Social Security benefits, sometimes a loan can make a world of a difference. Still, many are uneducated about loans for people on disability.

Are you or someone you love in need of a loan but don’t have the means to make payments? Keep reading for some tips and general information you need to know.

Are There Loans for People on Disability?

If you or a loved one is looking for a disability loan, your options will be determined by the type of disability and the assistance requested. For example, veterans with Post-Traumatic Stress Disorder (PTSD) qualify for veterans assistance programs and federal loans. In this instance, there are programs ready to help veterans with specific disabilities.

Let’s explore the different types of national disability loans and how you or someone you know might be accepted.

Disability Assistance and Government Loans

The U.S. government has several programs in place for disabled citizens. One of the best-known forms of assistance is SSDI (Social Security Disability Insurance). This wager takes care of your monthly income if your disability has put you out of work.

SSI (Supplemental Security Income) is a program for families of disabled children or people 65 years and older with low-income. Understand that both SSI and SSDI are considered assistance programs and not straight-up loans. That is not to say either do not function the same as a government loan.

In both of these cases, eligible people do not have to pay back their assistance. These programs may be a good way to get in touch with viable home or car loan options. You may even people able to get loans for basic house-hold resources like food and toiletries.

Disability Loans for Mortgage or Property

Many loans for the disabled apply to mortgage and down payments. You can find loan programs like the Section 8 Homeownership Voucher to cover the cost of a mortgage, first payments, and even furnishings.

If your income is low enough, or you are disabled, the USDA is another great source for home loans. The direct loan program applies to subsidized housing and low-income families. With this option, you don’t have to pay for a down payment or suffer through high-interest rates.

USDA also has a guaranteed home loan that offers more flexibility than the previous option.  For the guaranteed loan, applicants can have higher bars for their income. This is different than the direct loan mentioned above, as the guaranteed program simply supports private lenders instead of sending you money directly.

Non-Profits and Private Lenders

If you have a disability, you should always talk to your private lender about discounts and loan options. There are many lenders that team up with state and national agencies for making sure disabled citizens get safe and effective loan assistance. This can even apply to loans for people on disability with bad credit.

You can also rely on non-profit organizations like Habitat for Humanity and Americorps to help you. Both of these non-profits will help you with loans and mortgage assistance. In some cases, either may give you a significant boost for building a home of your own.

Additionally, non-profits can connect you with free loan services. If you are in need of transportation or housing, many organizations like Americorps can help you contact a useful agency. It’s a good idea to treat assistors like this as open books that you can freely scan for other resources down the line.

How Can People Access Loans for Disability?

There are two key ways to access loans for disability.

1. Use an assistance program to contact lenders

2. Contact lenders directly

For point 1, if the government knows you have a disability you can access resources online or over the phone that will get you in touch with loan services. This is often a grounded way to receive a loan but it may take days or weeks to process your request. Moreover, many assistance programs will not give you large loan amounts.

Even so, contacting government-sponsored services can get you results. If your issue is time, then it might be a good idea to contact a private lender.

Following point 2 lets you talk to a lender without the help of an assistance program. This has its pros and cons, as you will get a response faster but might pay more money down the line. You can always combine points 1 and 2 with options like the USDA Guaranteed Loan.

Finally, your best bet is to maximize your gain with what you have. If you’re disabled and need a loan fast, talk to other professionals and your family before moving forward.

How to Meet Your Needs

You deserve to have your daily needs met. Sometimes it takes a lot to get by with a mental or physical injury, that’s why loans for people on disability exist. By researching all the resources available to you, you can eventually get the help you need.

Let’s review. After reading this post you’ve learned about the programs and services that aim to help disabled people get loans. You even learned some ways to speed up your loan process.

Now it’s time to move forward. Your next step is to dig in with more research about government assistance programs and other lenders. Go out and learn about more interesting facts that will enable your success!

Don’t forget to bookmark our site to never miss any of our latest posts!