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If you get ssi could you get a loan

by Crenshawshuntae11... from , Georgia. Aug 9th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info needed, but in general.. you don't have to be employed to get a loan.. you just need stable income.. the problem with SSI income is that it's based on your disability. some people are permanently disabled, while others are temporarily disabled..and if there's a potential for you to get better, then it's unlikely it would be considered "income" for qualifying purposes.. To meet the guideline, your income must show it's likely to continue for 3 or more years.. For SSI income, the lender is going to ask you get a note from your doctor stating that your disability WILL most likely continue for the next 3 years.. Most Dr's wont write this letter if there is any possibility you could improve.. Aside from the income guidelines, you also must meet all other eligibility requirements such as debt to income ratios, credit history and sufficient credit scores.. etc.. In short, if you have a permanent disability and your stipend is enough to pay all your current obligations as well as a new mortgage payment, then yes.. you could get a loan. If you want to know for sure, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 NMLS# 226347

Aug 9th 2016
Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

You certainly are eligible for a mortgage loan. Social security income received based on disability can qualify as long as a doctor can back up that it will likely continue for at least 3 years (permanent disability for all practical purposes in being qualifying income for a mortgage loan). Typically, since there are no deductions as with typical w-2 income, we are generally allowed to mark up your income another 15% for qualifying purposes. I suggest you look for a mortgage broker/banker in Georgia and get qualified. Good mortgage planning now can get you on the path to buying your own home in seemingly no time at all!

Aug 9th 2016
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