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Can I qualify for a home loan if my only income is SSI?

I have a good credit history, and only $2.500 in debt, and am looking to get a loan for $115K. If I only have SSI as income, does that hurt my chances of getting a loan??? by jen.mark12 from Logan, Utah. Oct 12th 2015 Reply


Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

No, as long as your debt to income ratio is in line with product guidelines the SSI should not be an issue.

Oct 12th 2015
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

Jen. Having only SSI does not hurt your chances of getting a mortgage loan. I am doing a loan right now for a home buyer who has only social security income. The thing that matters most is your debt to income ratio. You don't have much debt but it depends on what the minimum monthly payment on that debt is AND what your final payment will be on the new purchase loan. With a bit more info I could give you a pretty good idea of your monthly payment and we could see if you would qualify for appx $115,000. It's a good chance you can. Linda Miller, A Smart Loan Lady, 801.550.1222 and linda@lindamillergroup.com.

Oct 12th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

SSI is a valid and acceptable source of income for buying a home. But remember, most people can only afford about 3.5 to 4 times their yearly income in a house (depending on debt).

Oct 12th 2015
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

Having only SSI income doesn't necessarily hurt you, depending on how much it is. We would just need to go through the details and check out your overall situation. Debt and income all play a part so we have to make those comparisons. Feel free to email or call me anytime. I am in Salt Lake.

Oct 12th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Where your money comes from is not as important as being able to show it will likely continue for the next 3 years... the problem is that with disability income, the lender is going to need a letter from your doctor stating that your disability is likely to continue for the next 3 years or more.. Most doctor's wont write this letter unless you have an incurable disease or something that's overly obvious it's not going to get better in the next 3 years. I had a client that has been collecting disability income for 7 years now because of his anxiety.. when we tried to use his income for qualifying, the lender would not allow it because the doctor would not issue a letter stating it's likely to continue for 3 years or more.. so depending on your disability, and whether or not a doctor will write the letter is the real question.. But realistically, you should be talking directly to a local loan officer, once he can look at your complete loan profile, then they can advise you properly. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 12th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

You can use your SS income to qualif for your new home loan. Your DTi depends on the income and monthly debts. Jesse Stroup California Mortgage Professional www.CaliforniaHomeLoanLender.comwww.JesseStroup.comNMLS# 6229

Oct 13th 2015
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