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I read the OP for the third time and I can't find in his post the words "assets" nor " pension"
I'm waiting for the next poster to make an apples to oranges comparison and use words like --lottery winnings--and --inheritance
Your point is ????????????
The point is the OP came here with a simple question regarding how to get a mortgage with only social security income. And you, instead of answering the question, give your opinion that seniors on only ss income shouldnt be allowed to get a mortgage. Or people making only $9 an hour shouldnt be allowed to buy.
On top of that, you assume since just on ss income there is no way they can have any money for a down payment. How do you know if this poster doesnt have $100,000 under his/her mattress. Maybe they are getting income from somewhere else but only want to qualify on the social security.
I read the posters question again as well, and no where did he/she ask for your opinion on whether they should be allowed to buy. ONLY ASKED HOW TO GET A MORTGAGE!!
People come to this site to ask questions and get answers.
Live like a king - cooks, maids, driver, great weather, clear water, friendly people, old British colony - English speaking....$700 a month....
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What my father in law did. He's 75, re-married a 56 year old woman after MIL passed away. And now lives in Manila, Philippines. Lives like a king in SS income.
Yes, if he is buying a home with only SS income, he wont be buying a several hundred thousand dollar home.
Another thing not mentioned is how big is the SS check?
Since SS payments are based on your earnings during your working years, it is highly unlikely one whose sole income is SS after retiring ( meaning no pension income, no 401k income, no IRA income, no interest from any savings)------ worked at a high enough paying job to enable him to draw the maximum SS benefits.
The real answer for the OP here is apply for a mortgage, find a house within range. If you get denied try someone/somewhere else, get a job, or give up.
If OP isn't going to work he/she could go where job market sucks and buy in a depressed neighborhood and most likely could find something. Shoot, my first home in 1999 was only 32k and qualified FHA.
In flyover country, there are any number of places where you can get a one bedroom condo in an unfashionable but reasonably safe and secure area in the $50-$60K range. Figure in taxes, insurance and condo fees, and you're talking about $500-600/month for housing costs. Which is doable on $1600/month of SS if you're careful and don't have other debt.
I bought a small 2/1 bungalow on a land contract for 39,000.00. I put 5,000.00 down and pay 8% at 500.00/mo for 7 1/2 yrs. I am on SSDI and make 1400.00/mo. I have NO problems doing this and only debt I have is 200/mo for 1 more yr. House is completely redone and should not need anything in near future.
The problem IS...houses just cost too much in the first place. Most folks ( except in our largest cities ), should have a home of their own. The difference between income and payments , has grown and grown over the years to the point where very few people can justify a home purchase. They do , they have , mostly due to creative financing. The current housing problems are in part a result of this bubble.
In Canada more people own their own home than in the USA.There is less forclousers , defalts , and the banking system is the best in the world....We need to take an other look at our friends to the north. The health care issue is a big part of the problem.When people are faced with, at any age , a major health issue , it can bankrupt them , cause forclousere, and in general put them out on the street. This should not be , ...
Social security should be enough to retire on, sad that it is not....
I bought a small 2/1 bungalow on a land contract for 39,000.00. I put 5,000.00 down and pay 8% at 500.00/mo for 7 1/2 yrs. I am on SSDI and make 1400.00/mo. I have NO problems doing this and only debt I have is 200/mo for 1 more yr. House is completely redone and should not need anything in near future.
So there are options out there.
Case in Point. And if this home were put on long term financing (i.e. 15, 20 or 30 years) the debt to income would be even a lot better than current.
Case in Point. And if this home were put on long term financing (i.e. 15, 20 or 30 years) the debt to income would be even a lot better than current.
thanks for chiming in Big Man!!
All fine , except your last statement........... long term financing is the wrong way. These days when a house can be worth less than a car , 10 years should be enough. ( Homes are no longer worth more on paper every year, and , thats a good thing as its the long term stuff that helps inflate a homes worth and value when its not worth it. Homes can be a liability as the age, requiring repairs,and upgrading ).
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