just want too know
2006-09-01 11:08:49 · 8 answers · asked by Anonymous in Business & Finance ➔ Investing
Being on SSI in itself does not disqualify you from buying a home. But you ususally can not if it is the only source of income unless you have significant savings and at least 30% down. If there is other income, from a partner, that is sufficient for the purchase and reserves, then you should have no problem.
2006-09-01 11:14:13 · answer #1 · answered by pknutson_sws 5 · 0⤊ 0⤋
You are legally allowed to own a home, but of course affording one is the challenge. U.S. Department of Housing and Urban Development (HUD) has a number of programs to assist low-income people with buying a home. This is especially helpful because people on SSI are generally no longer eligible for SSI if they save up more than $2,000 ($3,000 for a couple). Here is their web page on buying a home: http://www.hud.gov/buying/index.cfm
Probably the most viable way for someone on SSI to buy a home is to get a Section 8 housing subsidy and then use that subsidy to help pay mortgage payments instead of monthly rent.
Here's a list of state home buying assistance programs: http://www.hud.gov/buying/localbuying.cfm
Here's information on getting loans from the Federal Housing Administration: http://www.hud.gov/fha/loans.cfm
I know many very low income people on SSI who've done it. It takes time and a lot of planning. Good luck!
2006-09-04 10:13:03 · answer #2 · answered by althegrrl 3 · 0⤊ 0⤋
I think the real question is "Can someone on SSI afford to buy a house?" I'm not sure, but I suspect SSI alone would not be enough income.
2006-09-01 14:17:04 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Sure, but it would have to be a cheap place. Generally, mortgage companies want to have 20% of your income equal to mortgage + RE Tax + House Insurance. Meaning with $2,000 in monthly income you could afford $400 per month for a house. The purchase price for a property like that would be about $30k.
2006-09-01 11:14:22 · answer #4 · answered by Sam Sneed 3 · 0⤊ 0⤋
someone on SSI (Supplemental safe practices income) receives decrease than $800 a month. she will't have over $2,500 in resources. so a ways as i can see, she ought to be able to purchase a unmarried relatives homestead in Mexico or Iraq yet no longer in the u . s . a .. very few homes promote for decrease than $50k, it really is the most she will arise with the money for.
2016-12-06 03:06:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes you can. I am a mortgage broker and do it all the time.
2006-09-01 11:14:23 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Yes. (With cash)
No. (With credit)
2006-09-03 10:19:11 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Geez, I hope not.
2006-09-01 12:25:43 · answer #8 · answered by Anonymous · 0⤊ 1⤋