Profile picture for user624585

what if you are on social security and that is your only income

what if social security is my only income  can i still get a fha loan
  • August 11 2012 - Minneapolis
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Profile picture for raypaul1573
I am on Ssi can I get a home loan
  • January 22
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Furlong Team
I used $1,000 for example purposes only to make the math easy. I recommend consulting with a financial planner in addition to working with a reputable mortgage lender if you're not sure what is affordable for you. Also, consider whether information you are receiving is coming from a lender who verifies their credentials.
  • August 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

expanding on Mr Furlongs data, if your ss income is $1,000 a month then putting your debt to income ratio at at $625 a month seems irresponsible though technically the data is correct; it leaves only $375 for food, clothing, utilities, home upkeep,emergencies, etc.   
  • August 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Furlong Team

Social security income is commonly used to qualify.  If it is not taxable income for you, take your monthly benefit amount and multiply it by 1.25.  This is the monthly qualifying amount you can use.  For FHA, your total monthly loan payments should be under 50% of that monthly qualifying number.  So, add up all of your current loan payments (including minimum payments on credit cards and auto lease payments) and subtract that from the monthly qualifying amount.  Here's an example:
Monthly social security benefit    $1,000
Monthly qualifying amount  $1,250
50% of monthly qualifying   $625
Existing monthly debts $100
Maximum monthly mortgage payment  $525  (including taxes and insurance)
   

  • August 29 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Additionally there are programs which can provide home buyer assistance in Minneapolis. They can help you with down payment assistance as well as other options you might want to consider.

If you're on a limited budget, you might want to consider looking at low rise condo developments (high rise condos tend to have high association fees). If you're over 55 there are many affordable condo developments in the Twin Cities.
  • August 11 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Remeber with an FAH loan you can gernerally gross up the sosial security income because it is not taxable income.
  • August 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I agree with everyone else social security is just fine it really comes down to your DTI (Debt-to-Income ratio) when determining how much you can afford. 

Our services are free to you as buyer agents, so go ahead and get in contact with me if you would like and I can direct you to the appropriate lender. They will review your financial situation and get you started!

~Chris
  • August 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Social Security income is more safe than income from a job. In other words, you can get laid off from a job or your employer can go under, but Social Security is more of a sure thing. So that alone will not have a negative impact on you. Much depends on your debt and other factors. Call several Loan Officers and interview them , compare rates, and ask lots of questions. Then choose the Loan Officer you like the best. Good luck and happy house hunting!
  • August 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
Depends on your debt. I would like to suggest you sit down with a local lender (or call them) rather than putting your personal information here on public boards. Your Realtor can suggest some lenders that their client's have successfully used. Buying a home is teamwork, it takes a Realtor, a lender, a home inspector (as well as pest etc) and in North Carolina , an attorney...thats your team that will help you through the buying (or selling process)
Best of luck to you, with low interest rates, I am glad to see you considering a purchase.
  • August 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.