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Can a Person Who is Living on Social Security Disability and their Pension Qualify for a Home Loan with 20% Down?

If my husband and I have the proper down payment with good credit scores, and no debt whatsoever- but are on Social Security and receive a pension... is it possible to still qualify for a home loan? by CareyDandridge584 from Detroit, Michigan. Feb 1st 2017 Reply


Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 517 contributions

Those are both very predictable and stable sources of income. It is absolutly possible to qualify with this type of income. I'd be happy to walk you through your options. Mike Silkworth - Union Home Mortgage. (517) 489-2328

Feb 1st 2017
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 90 contributions

Yes! Give me a call and I'd be glad to pre-qualify you. Jack Cyrul 734-395-9027

Feb 1st 2017
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Jim Papatheodore (LoanJim)
#16 ranked lender in Michigan - 13 contributions

Yes! It is absolutely possible. I have assisted lots my clients over the years with your exact circumstances. Would be happy to help! Jim@LoanJim.com or 810-444-0024.

Feb 1st 2017
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Gus Dahlgren (gdahlg_811_422)
#34 ranked lender in Michigan - 47 contributions

Yes, it is very possible. You can fill out an online loan application at www.gustheloanguy.com to get pre-approved.

Feb 1st 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Social Security and Pensions are acceptable qualifying income. So all you need to do now if apply with a local mortgage broker. They will review your information and let you know how much house you can afford, what payments will look like, etc. For homes in WI, MN, and SD, visit me at www.JoeMetzler.com

Feb 1st 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

The lending rules do not require that you be working.. they only require you to have consistent income.. so the answer is absolutely yes.. so long as you meet all other eligibility requirements, you can obtain financing if your only source of income is SSDI.. For SSDI, you must be "Permanently Disabled" or have a doctor sign a letter stating that your disability is likely to continue for at least the next 3 years for it to be considered.. For the pension, the lender would require a letter stating your pension income would be likely to continue for 3 or more years.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 3rd 2017
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