U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 03-26-2007, 03:52 PM
 
131 posts, read 351,875 times
Reputation: 101

Advertisements

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??
Quick reply to this message

 
Old 03-26-2007, 04:52 PM
 
27 posts, read 127,022 times
Reputation: 21
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.
Quick reply to this message
 
Old 04-11-2007, 11:34 PM
 
17 posts, read 78,850 times
Reputation: 14
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.
Quick reply to this message
 
Old 08-16-2009, 04:27 PM
 
1 posts, read 23,508 times
Reputation: 16
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?
Quick reply to this message
 
Old 08-16-2009, 06:34 PM
 
Location: Maine
7,726 posts, read 8,305,878 times
Reputation: 8272
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.
Quick reply to this message
 
Old 08-17-2009, 07:47 AM
 
9,807 posts, read 7,499,963 times
Reputation: 8127
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.
Quick reply to this message
 
Old 08-18-2009, 11:19 AM
 
Location: Philaburbia
26,451 posts, read 35,963,219 times
Reputation: 40196
My aunt bought her first house when she was 74. Anything's possible.
Quick reply to this message
 
Old 01-24-2010, 11:52 AM
 
2 posts, read 44,018 times
Reputation: 14
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..
Quick reply to this message
 
Old 01-24-2010, 12:06 PM
 
Location: Maine
2,190 posts, read 3,815,060 times
Reputation: 2307
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.
Quick reply to this message
 
Old 01-24-2010, 12:08 PM
 
2 posts, read 44,018 times
Reputation: 14
not that i no of ive been on social security for 2 yrs and been working.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $94,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2015, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top