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Old 06-08-2012, 07:28 PM
 
7 posts, read 6,895 times
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Default how do i qualify for a mortgage when I only get $728 SSD?

I am on social security disability and am trying to find creative financing to obtain a morgage on $53,000 home or less. I only receive $728 mo. SSD. I am in the process of rebuilding my credit. I had my credit score up to 740 before circumstances ruined it. It is now only 454 but I will be getting secure credit card again to rebuild it. I am currently receiving housing assistance from HUD. I pay 30% of my income which amounts to $131 for my portion and they pay remainder on rent($574) which is $705 mo. total rent. I am enrolling in their homeownership program to be able to use my housing choice voucher for morgage payments. I was told although I can convert the amount they pay for rent into mortgage payments that I still have to be able to qualify with lenders,which I knew, but that I would have to have annual income of at least $23,000. I read that lenders need to consider HAP payment but that would still put me under. I would greatly appreciate any advice you can give me. I know I need to talk to lenders but after one bank not even allowing me to apply and telling me that SSD is not considered secure income and wouldn't be counted;which I found out 5 yrs. later wasn't true, I've gotten discouraged. I figured in the 25% non-taxable increase,which brings SSD income to 10,920 annually as well as the HAP pymnt of $574 mo.(6,888 annually)and it still is only 17,808. Which,of course puts me right under the 23,000 to qualify. Any advice on specific lenders that might look at me would be greatly appreciated. I've read that other people have done it on disability but somehow I'm not finding the right avenue to take and keep getting told to not even bother trying on my income amount. I don't want to just give up. My disibility is verifyable and I have been on SSD for over 12 yrs. and am not going to get better. Thank you.
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Old 06-08-2012, 09:33 PM
 
11,151 posts, read 9,342,949 times
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Not everyone can qualify for a mortgage, that's life, and just because you want one doesn't mean you can get one. Owning a home is more than simply making mortgage payments, you know -- things wear out, things break, and it's up to the homeowner to fix them. That costs money, sometimes a LOT of money.

Still, perhaps one of the mortgage professionals here will have some suggestions about where to look for financing. Perhaps a lease-to-own situation might work for you?
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Old 06-08-2012, 11:41 PM
 
Location: Southern California
3,116 posts, read 3,883,236 times
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Quote:
Originally Posted by naturegirl006 View Post
I've read that other people have done it on disability but somehow I'm not finding the right avenue to take and keep getting told to not even bother trying on my income amount.
Find one of those people and ask how they did it! I would bet there's more to the story - like maybe they were married, and had double the income? Or maybe they found a seller willing to finance it, so there was no outside bank or company involved? If you had a big enough down payment you might be able to go that route yourself.

Another thought... I've heard that it's very difficult to get a home loan for under $80,000, so even if you did get your income up and technically qualify for a $50,000 loan, you might have trouble finding a bank willing to do the loan.
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Old 06-09-2012, 10:41 AM
 
7 posts, read 6,895 times
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I have found homes in my area for 52,000,otherwise I wouldn't be trying to find qualifying mortgages for thaat amount. As well as a 3 bdr mobile home buillt in 2000 on leased land for 18,000. Very beautiful home in excellent cond. w/ landscaped yard that would be perfect for someone in my situation;if I can obtain financing. As far as home repairs,although I'm female,I'm from the country and am very self sufficient and a DIY person. I owned a piece of property in Arizona and my husband ,at the time,and I learned how and installed our own underground electric and telephone. I landscaped very nice yard on a budget. After my divorce, I fixed my own plumbing problems when I had a leak in a line,fixed electrical problems and can do my own mechanics...and still do. Just did a tune up on my geo prizm...so I am fully aware of problems that arise with homeownership and can deal with it just fine. I sold the property in Arizona because of water moritorium and got tired of hauling water from the creek. We had a travel trailer on property and I decided I didn't want to continue developing it due to not being able to get aa water meter and on town water. It was very rural and water moritorium prohibits any more meter installations. After trying to fight Brooks utilities for 4 yrs. I chose to sell it for 18,000 ( I purchased it 4 yrs. earlier for $5,000 so made great profit)and use money to move here and start over. The money got used to pay moving cost,rent etc. My ex-boyfriend ruined my credit,another life lesson,so now I don't date and simply am trying to start over and find right advice. My area has several homes in range I'm looking in. Just have to be savey on where to look. Like where work isn't always available which is no problem for me since disabled and in country towns. There's also plenty of homes around $50,000 in towns like Aberdeen,Washington for example. Just saw I that was in great shape w/ large yard that sold for 30,000. It was built in 1921 but was restored and in awesome shape,which as I said, I'm very good at home repair and could also do cabinitry,carpet etc. Since Aberdeen doesn't have good employment opportunity the median for homes is of course less. I know you all know that but showing I have found several. As well as here in Oregon..just have to look in right areas. Persistance will pay off someday.So anyone that has gotten financing for similar circumstances please let me know what lender you went through. Thank you.

Last edited by naturegirl006; 06-09-2012 at 10:41 AM.. Reason: adding information
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Old 06-09-2012, 10:43 AM
 
7 posts, read 6,895 times
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I am in Beaverton,Oregon,by the way,so need lenders that work in this area. Thank you. I figure the next thing I will be asked is;what my diability is since I can repair things so figured I would explain ,although shouldn't have to. I have severe anxiety disorder,PTSD which causes panic attacks being around people very much,as well as degenerative disc disease.Although it prevents me from being able to work, that does not prevent me from fixing things or being a good,responsible homeowner. I keep a very clean house and love to garden.

Last edited by naturegirl006; 06-09-2012 at 10:58 AM..
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Old 06-09-2012, 10:54 AM
 
Location: Bay Area
1,477 posts, read 1,108,023 times
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i don't know where in oregon you are, but i know a lady that has a doublewide in a park for sale with owner financing. i haven't been to see it as it's really too far away for me, but i would bet it's nice. she was asking a higher price than what she paid so i would have talked her down some, but owner financing would also mean i'd probably pay a higher price because it's a plus if you can't qualify through a lender. she wanted $250 a month and it was $250 a month for the space. if you want to know more, just send me a message. i don't know how owner financing would work with your situation, but if it's possible, you might also has a realtor to help. they would know which mobiles had owner financing.
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Old 06-09-2012, 10:56 AM
 
Location: Bay Area
1,477 posts, read 1,108,023 times
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Quote:
Originally Posted by naturegirl006 View Post
I am in Beaverton,Oregon,by the way,so need lenders that work in this area. Thank you.
oops, guess we were typing at the same time. have you talked to any realtors? they should know. although with your credit score as it is now, i don't think a lender would work.
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Old 06-09-2012, 11:05 AM
 
Location: St Thomas, US Virgin Islands
21,642 posts, read 25,242,745 times
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I'm just curious. You say you've been collecting disability payments for 12 years but you can also do all sorts of general repairs and maintenance. I don't know how SS disability works but are you allowed to make a certain amount of money before payments are cut back (as is the case with SS retirement benefits) or are you presumed to not be able to work at all? The only reason I ask is that with the talents you obviously have you should be able to bring in additional income very easily and thus increase your eligibility for a mortgage.
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Old 06-09-2012, 12:16 PM
 
Location: Bay Area
1,477 posts, read 1,108,023 times
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Quote:
Originally Posted by STT Resident View Post
I'm just curious. You say you've been collecting disability payments for 12 years but you can also do all sorts of general repairs and maintenance. I don't know how SS disability works but are you allowed to make a certain amount of money before payments are cut back (as is the case with SS retirement benefits) or are you presumed to not be able to work at all? The only reason I ask is that with the talents you obviously have you should be able to bring in additional income very easily and thus increase your eligibility for a mortgage.
i have a friend on disability (breast cancer) and she's allowed to make quite a bit before it gets cut off. i was kind of wondering about the rest of that as well. lots of useful skills that i wish i had and don't!
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Old 06-09-2012, 01:14 PM
 
7 posts, read 6,895 times
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yes I would love to have more information on the mobile! An owner carry for that amount is just the kind of thing I've been looking for! I'm in Beaverton,oregon. 7 miles West of Portland. I'm in Washington county. Transferring to another county is contingent on whether they accept transfers aat this time but I would be interested to know what county to be able to research it.I've spoken to HUD and I'm allowed to own/be purchasing a mobile in a park and they will pay my rent space just like they help with my rent on apt. and assets over $5,000 are considered income but only counts as 1% of tax value. Thank you for responding and providing info.
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