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Can I Purchase A House Having a SSI Income?

I am interested in buying a home because of my permanent disability income ($730) i do not think i qualify. I was thinking it would have to be through FHA. I was recently told that I could in fact purchase a house because of my credit score (724) but I would need to work on my back-end DTI. Also, that I should go for a conventional loan because the monthly payments would be cheaper opposed to an FHA? I Was researching and came across, "Home Possible Mortgages" through Freddie Mac. I was wondering if I qualified for that program or any others someone may know of? by 53stan174 from Philadelphia, Pennsylvania. Apr 4th 2017 Reply


Paul Klaas (paul@paequity.com)
#21 ranked lender in Pennsylvania - 9 contributions

Hi Stan,I am a wholesale rate mortgage broker 15 minutes North of Pittsburgh and for this conversation my favorite team is now the Eagles and the Phillies!, lol. I can explain a ton of things to you, educate you on your options based on your answers to some of my questions. The goal with me, always, is to provide a NO PRESSURE environment so that your focused on the goal and the job of getting the goal satisfied. Pressure to decide and force switches the focus onto useless things and the goal is never realized. I hate it being done to me and I refuse to do it to others. If you would like to talk, and want to call me I am at 412.559.4030 talk and/or text, or email paul@paequity.comIf you don't want to call and want me to call you then either text or email me your number and I will contact you right away. I'm in my office all day today and I'm the President of the Company here in Hampton Twp, Allison Park, PA.Go EAGLES, and PHILLIES !!!! lol. Cordially,Paul E KlaasPresident/CEOPennsylvania Equity Mortgage, Inc.www.paequity.comemail: paul@paequity.commobile for text and talk: 412.559.4030office phone: 412.487.1550Office fax: 412.487.2821

Apr 4th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

You don't need a job to qualify for a mortgage, but you do need income.. SSI income can be considered if it's likely to continue for 3 years.. This means that you would need a doctor to sign a letter stating that your disability is likely to continue for the next 3 or more years.. so long as he does, then you can use the SSI income.. But for qualifying on a home.. $730 per month is not enough.. FHA, Conventional, and event he Home Possible program all have Debt to Income restrictions.. they allow your monthly minimum payments on all your debt (including your new housing payment) to not exceed up to 50% of your income.. This means that your combined monthly bills cannot exceed $400 per month.. if you have other income such as retirement income, pensions, annuities,etc.. then that income can be added,, but unless you have more income, you wont qualify for a home.. 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

Apr 4th 2017
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