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Old 01-24-2010, 12:22 PM
 
Location: Maine
2,192 posts, read 3,096,134 times
Reputation: 2275
Just a warning -- are you telling the SSA about your earnings? Otherwise that is fraud and you could get in trouble. If you earn under a certain amount it is just deducted from your disability check. So it is certainly possible to work while getting disability, but not full time!
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Old 08-31-2010, 05:38 PM
 
1 posts, read 5,406 times
Reputation: 11
my husband is my carer im on disabilty allounce can i get aloan or morgage to buy my council house.thanks 4 any replys

Last edited by connie kelly; 08-31-2010 at 05:39 PM.. Reason: dont want my name shown
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Old 08-31-2010, 09:46 PM
 
Location: Fayetteville, NC
1,463 posts, read 2,755,078 times
Reputation: 1412
council house??? Are you in the UK? Better post in that forum for a good response.
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Old 09-02-2010, 10:25 PM
 
Location: San Antonio,TX
48 posts, read 102,852 times
Reputation: 27
Whatalady,

You can certainly purchase a home, and just because your husband is on Social Security does not mean you cannot prove your income. As a mortgage banker, I have gotten a number of my clients who was on Social Security assistance home loans.

Since your husband is on SS, your husband's income is tax-exempt. As a result, you are not required to file an income tax return. Unfortunately, Social Security will not provide you a letter stating that you are exempt. What you will be required to do is to get a CPA to verify that you are tax exempt. This could be by showing your past two year's 1098ss from Social Security. This gives the amount that your husband received from Social Security for those years. You will then need to provide to your loan officer a copy of your awards letter for 2010 to show what your current income should be, and this income is either automatically deposited into your bank account. If this is the case, the lender will only need to get a copy of the most recent bank statement to see that this money is being deposited. What's even better is that your income (ss benefits) will be grossed up since we look at gross income versus net.

Furthermore, since your husband is on SS, you may qualify for down payment assistance through the city or the state. If you live in San Antonio, you may qualify for the $12K assistance through their program. The State of Texas has the bond 77 program that will provide you 5% of the loan amount as assistance for down payment and closing costs.

Whatalady, if you are in San Antonio, give me a call, I would love to help you.
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Old 09-03-2010, 05:02 PM
 
5,079 posts, read 4,705,710 times
Reputation: 1657
Quote:
Originally Posted by whatalady View Post
My husband has been on Social Security Disability for about 14 years now. I can't verify my income. So my question is, is it possible to qualify for a 1st time home loan using his Disability income alone? I know the obvious-if he can afford it with his income. But, is it a difficult or impossible loan to obtain??
I'm on disability and my income did not hurt me when applying for a small mortgage (30 years at maybe $200-$350 a month), it was my 'debt'.

9 lenders denied me because of my debt to income ratio.
Lender 10 approved me, of course this was only a loan of $37K to be used on a foreclosure or other small home.

It depends on how expensive a house you want, and how much debt you have compared to your income.
The 9 lenders I visited, all wanted different ratios, anywhere from 38% to under 50%. Mine was approved at 54.5% with lender #10.

Take your income and divide it into your debt.
The debt they used on me was:
any loans outstanding to a credit union, etc.
credit cards
the amount of my mortgage payment + the insurance + property taxes were added to my other debts.

On the income side, they won't count capital gains unless you have gains 3 years in a row, and self employment income has to be ongoing, or at least stable. Mine in 2009 was less than 2008, so they would not consider it.

One lender did ask me to prove my income going out 3 years.
They said go to your local s.s. office and do a "benefit query".
I did and glad I did. It told me what my lawyer did not know, that my next medical review will be in July 2014.
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Old 09-06-2010, 02:43 PM
 
17 posts, read 76,905 times
Reputation: 25
Not sure where you live, but if you are first time homebuyers you may want to check with your state Housing Finance Agency (HFA) and your city government in regards to low interest down payment financing. Many buyers never know about these programs, which are designed to give people with low to moderate incomes a boost into their first home.
Here in North Carolina, the state HFA offers several loans as well as downpayment assistance of up to $25,000. Local government agencies usually have programs that offer up to $25,000 as well. What this means is that when you apply for a loan, you could now have up to a $45,000 down payment, which gets you better loan terms and interest rate.
I work for an affordable housing developer, and we have sold homes to people on a fixed income (disability, social security). These down payment programs were the key to boosting their buying power.
A word to the wise - seek out a mortgage lender that knows about these programs and has successfully used them. As you may imagine, working with government entities takes some patience and expertise. But I would encourage you to at least find out if you qualify for the programs - these are your tax dollars at work, and there's no reason to leave money on the table unnecessarily
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Old 10-03-2010, 10:28 PM
 
2 posts, read 10,476 times
Reputation: 13
So if I'm on SS can I get a mortgage and use my husbands income but not have him on the loan? His credit is bad from a previous marriage, so I'd rather just use his income amount. Aren't there special mortgage programs for people with disabilities also?
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Old 10-03-2010, 10:30 PM
 
2 posts, read 10,476 times
Reputation: 13
EXCELLENT INFO....THANKS FOR SHARING THAT
Quote:
Originally Posted by manettes01 View Post
Not sure where you live, but if you are first time homebuyers you may want to check with your state Housing Finance Agency (HFA) and your city government in regards to low interest down payment financing. Many buyers never know about these programs, which are designed to give people with low to moderate incomes a boost into their first home.
Here in North Carolina, the state HFA offers several loans as well as downpayment assistance of up to $25,000. Local government agencies usually have programs that offer up to $25,000 as well. What this means is that when you apply for a loan, you could now have up to a $45,000 down payment, which gets you better loan terms and interest rate.
I work for an affordable housing developer, and we have sold homes to people on a fixed income (disability, social security). These down payment programs were the key to boosting their buying power.
A word to the wise - seek out a mortgage lender that knows about these programs and has successfully used them. As you may imagine, working with government entities takes some patience and expertise. But I would encourage you to at least find out if you qualify for the programs - these are your tax dollars at work, and there's no reason to leave money on the table unnecessarily
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Old 12-16-2010, 06:37 PM
 
1 posts, read 5,044 times
Reputation: 12
can i use my mom's ssi benefits as extra income to qualify to buy a house without it affecting her benefits payments?
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Old 10-14-2011, 08:10 PM
 
2 posts, read 20,622 times
Reputation: 11
It sure seems unfair that your good credit could be ruined simply because you were unable to work and you were waiting months or YEARS after denials and even state hearings for some to get their SSI and/or SSD approvals. Good honest people are forced to struggle, and due to that, are made to pay by not being able to get loans later when they are finally in the position to do so again. Nothing like being made to pay for being sick or disabled. God bless America!
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