How can a person on ssd buy a house? My incom is 1116.00 a month. My wife and I are just (cohabitating). Iam 43 years old and I was in a life altering car accident 8 yrs ago. I can no longer work and my perscriptions take up about what I get on Social Security Disability. I live in NY but am willing to move.
2007-03-24 14:25:28 · 5 answers · asked by michael_11283 1 in Business & Finance ➔ Renting & Real Estate
I don't think it will be easy at all. You have to be able to qualify for the loan on whatever you have coming in. You might be able to search the net for programs for the first time buyers and for disabled. What does you wife do? why can't she add her income to yours and try to qualify?
2007-03-24 14:35:57 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
sure you can but it would be better with two incomes
and yes you are considered having an income while on ssd
there are several places you might want to look into for 1st. time home buyers.........like sallie mae, HUD, fannie mae,your bank,online co. like ditec
you will need a small deposit for most of them so I hope you have some kind of savings
about your perscriptions....there are #'s that you can call, pharmaceutical drug company's #'s that will sometimes help you reduce/or get free the perscription you take
you 1st. have to know who/what company makes the drugs that you take. you can get this information from dr. or pharmacy.there is or should be an 800 # you can call to find out how they can help
move out opf new york on your income taxes will kill you
i just saved 5000.00 a year on taxes by moving from new jersey to viginia!
hope you fare well !!!!
2007-03-24 21:50:49 · answer #2 · answered by leroux3s 3 · 1⤊ 0⤋
Check Az, but definately you can qualify w/ss & disability income to buy a house. Also, depends on ur credit, if that is well shouldn't be a problem. On u alone, its not going to qual u for a lot, but even if u can buy a condo or townhouse its something & worth owning ur own home.
2007-03-24 22:24:36 · answer #3 · answered by Principessa 3 · 0⤊ 0⤋
If your wife is working, there may be limits on where it is practical for you to live- but if this is not an issue, you could could consider living outside the United States. There are many places where living costs are much lower than the U.S. - and if you don't like one place, you could try another because you are not tied down to a job.
2007-03-25 18:41:04 · answer #4 · answered by Franklin 5 · 0⤊ 0⤋
Have you contacted any organizations to help with your meds? If you are not legally married and she has income put the house in your name and leave it to her in a will. Contact HUD and Habitat for Humanity. Farmer's Home Adm. Good luck
2007-03-24 21:32:37 · answer #5 · answered by dtwladyhawk 6 · 0⤊ 0⤋