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Heck yes! It is income, and it ain't ever going down -- that is the thing that the youngsters forget, if there is EVER an move to "dial down" the program there are literally hundreds of thousands of cranky old SOBs that would literally make a Palestinian in a suicide jacket seem like not a big deal! I mean thing of the images the TV news would have if you had some old woman eating generic tuna complaining to a member of Congress that makes nearly $200,000 in Federal salary telling her "sorry just not enough to get checks to you"!!!
Won't happen!
Now if all you got is SS you certainly ain't gonna have much of income for a huge mortgage, but income is income. Not sure what you are asking about "owing" a house and still needing a mortgage --- if you have a paid off assets (like a house that is free and clear) the key for mortgage qualification (whether it is a vacation home or something else) is still cash flow/income and a paid off house does not generate that unless you are a landlord, and you generally can't use rental cash flow as qualifying income unless it is properly seasoned -- need more details on what you are trying to do!
My sister owns a home free and clear but it hasn't sold yet. She's found a home that's very inexpensive that she likes alot! She doesn't want to lose it, so she's trying to figure out a way to buy it.
Yes, you can use social security as income and you can also gross it up meaning, if you receive $1000 per month, you actually get to use $1250 as income since the money is not taxed. You gross up by 25%.
In the 1990's my ex husband and I got a morgage based on his SSD. They were happy with the amount but would not approve without something from a doctor saying he was permantly disabled. No doctor can offically say this. Finally someone at social security wrote UNOFFICALLY on a statement of his income that he was permenantly disabled. They took that. If its normal retirement then she should not have this problem I assume. I don't know if they are still this detailed but despite being told that was impossible they did not seem to grasp it at the time.
getting a mortage , for anyone , is still all about credit score. You may have 100 per cent home ownership...owe no one , but , if your credit does measure up...you will not get a mortage.....unless you are 62 or older and apply for a reverse mortage. ( No credit check required in that case only ).
Home ownership , for most people , happens when people arrive at the right combo, of steady job, enough income to afford maintainence,taxes , and a considerable down payment saved up....That was the way it always was...until the days of 110 per cent loans , and crooked mortage brokers-greedy bankers and Wall Street investors looking for a quick gain.... The bubble has burst...those days are over..... Even with Federal help programs , it will be a long while before easy home ownership comes around again.
getting a mortage , for anyone , is still all about credit score. You may have 100 per cent home ownership...owe no one , but , if your credit does measure up...you will not get a mortage.....unless you are 62 or older and apply for a reverse mortage. ( No credit check required in that case only ).
Home ownership , for most people , happens when people arrive at the right combo, of steady job, enough income to afford maintainence,taxes , and a considerable down payment saved up....That was the way it always was...until the days of 110 per cent loans , and crooked mortage brokers-greedy bankers and Wall Street investors looking for a quick gain.... The bubble has burst...those days are over..... Even with Federal help programs , it will be a long while before easy home ownership comes around again.
I find it quite curious you blame everyone except the consumer. I do agree that there were crooked bankers, appraisers, realtors and brokers alike but many average people got caught up in the housing boom and they have to take some of the blame.
I find it quite curious you blame everyone except the consumer. I do agree that there were crooked bankers, appraisers, realtors and brokers alike but many average people got caught up in the housing boom and they have to take some of the blame.
I am sorry , but in most cases , the poor folks who " got caught up in the boom " , were victims of greed. Very few people can understand the legal, disclaimers , and fine print involved. A credit card disclaimer is now thirty pages...it once was 1 to 3 pages.... And don't be too quick to blame the legal profession for this.... Those who floated this scam knew it was risky , even doomed to fail , but , they wanted in on these once illegal instruments , knowing they would get in...and get out ( personally )..and make huge profits..... You may want to call someone who was being promised a part of the American dream , home ownership , as shouldering some of the blame , and , yes they are and did and will continue to suffer.
The Wall Street guys ain't losing their home , nor are they suffering when the big bonus comes their way...for service that only a few years ago...would be criminal.... In the end , its the home owner that is suffering...not the Banker , for their own stupidity...sad isn't it ?
I am sorry , but in most cases , the poor folks who " got caught up in the boom " , were victims of greed. Very few people can understand the legal, disclaimers , and fine print involved. A credit card disclaimer is now thirty pages...it once was 1 to 3 pages.... And don't be too quick to blame the legal profession for this.... Those who floated this scam knew it was risky , even doomed to fail , but , they wanted in on these once illegal instruments , knowing they would get in...and get out ( personally )..and make huge profits..... You may want to call someone who was being promised a part of the American dream , home ownership , as shouldering some of the blame , and , yes they are and did and will continue to suffer.
The Wall Street guys ain't losing their home , nor are they suffering when the big bonus comes their way...for service that only a few years ago...would be criminal.... In the end , its the home owner that is suffering...not the Banker , for their own stupidity...sad isn't it ?
I whole heartedly agree! These adorable young couples went ga-ga over these over priced McMansions and didn't even stop to think what would happen if they suddenly no longer had their 4200 a month for instance to spread out between a 1400 mortgage, thousands on credit cards for lovely furniture to put in said home and as much as 8-900 a month for a couple of way cool cars to park in the driveway.
NEVER try to set up payments on ANYTHING without stopping to consider whether you will always be able to pay it NO MATTER WHAT. The above tale is why people like Dave Ramsey and Suze Orman can stay in business, LOL!
I did this (consider whether you will always be able to pay it NO MATTER WHAT) when making 11.40 an hour and signed for a single wide mobile home also with 436 a month child support. Even at 13%, the payment was only 353. Obviously, no problem even when I lost said job after 4 and a half years (and topped out at 18.75 an hour) because they refused to create a job I could do with my new limitations.
They LET PEOPLE SET THEMSELVES UP TO FAIL IMO. Case in point, I decided I needed to live in town and found an old POS but "decent" two story home which I offered 57k to their 64k asking price. Heck yeah, they said, just show us the rental contract on the mobile home and your proof of workers comp checks and here are the keys. A ZERO interest loan in lieu of what otherwise would be the amount going into an equity account from which they would pay the yearly tax bill and the insurance bill. $453.53 later changed to 480 something because of a "miscalculation" in the "approximate" insurance rate but still easily made despite child aging out of child support and further inability to seek work after a vehicle accident.
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