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Old 03-26-2007, 03:52 PM
 
127 posts, read 328,093 times
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Default Is it possible to buy first home on Social Security???

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??
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Old 03-26-2007, 04:52 PM
 
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Default Yes

Yes, you can buy your first home with social security and unverifiable income. The program you would want to look at would be what's called a no doc mortgage. Typically you need to put down 5-20%, and you need good to excellent credit. The lender will not verify your income or it's sources. In exchange for the privacy provided by the loan, you will pay a higher rate (usually 1-1.5% higher).

These programs are becoming more readily available and most if not all mortgage brokers have access to them.
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Old 04-11-2007, 11:34 PM
 
17 posts, read 74,341 times
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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??
The source of your income is not a reason to deny a mortgage. As long as your husbands income is sufficent to pay the mortgage their should be no problem. Also some mortgage companies allow a spouse to have an unverified income declared on the mortgage application.

GO to a bank and speak with a loan officer I have done loans like tis with Bank of America community comitment plan.
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Old 08-16-2009, 04:27 PM
 
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Question Is it possible to buy a house on Social Security??

My mother get's social Security Income and i was wondering would she alone be able to buy a home while on Social Security Income?
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Old 08-16-2009, 06:34 PM
 
Location: Maine
7,712 posts, read 7,671,676 times
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Quote:
Originally Posted by paulette1820 View Post
My mother get's social Security Income and i was wondering would she alone be able to buy a home while on Social Security Income?
Yes, her Soc. Sec. award letter is used as income verification. She can contact Soc. Sec. if she needs a copy of her award letter. If it's Soc. Sec. disability she will be asked for a letter from her Dr. stating that she her disability will continue for at least the next three years or more. The amount of the loan will depend on the amount of her income.
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Old 08-17-2009, 07:47 AM
 
9,807 posts, read 5,994,056 times
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Quote:
Originally Posted by msina View Post
Yes, her Soc. Sec. award letter is used as income verification. She can contact Soc. Sec. if she needs a copy of her award letter. If it's Soc. Sec. disability she will be asked for a letter from her Dr. stating that she her disability will continue for at least the next three years or more. The amount of the loan will depend on the amount of her income.

--"The amount of the loan will depend on the amount of her income "-

That is the key sentence .

Looking at SS charts , people on SS would be in the same income category as people with a very low paying job.
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Old 08-18-2009, 11:19 AM
 
Location: Far from where I'd like to be
25,152 posts, read 30,831,750 times
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My aunt bought her first house when she was 74. Anything's possible.
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Old 01-24-2010, 11:52 AM
 
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im on social security disability but i do work full time.. whould i still be able to buy HOUSE or w0ould i lose my benefits if i do..
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Old 01-24-2010, 12:06 PM
 
Location: Maine
2,192 posts, read 3,316,919 times
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How can you work full time while on disability? Are you on a trial work period? If not, then you should worry about losing your benefits due to working and not due to buying a house.
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Old 01-24-2010, 12:08 PM
 
2 posts, read 41,870 times
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not that i no of ive been on social security for 2 yrs and been working.
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