Can someone receiving Social Security Benefits apply for an FHA loan and qualify?
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FIRST ANSWER
Absolutely! And, since you do not pay taxes on your Social Security income, you get to gross up your SSI by 25% to qualify for the loan. Of course, as with all FHA loans, you will need a minimum of 3.5% of the purchase price for the down payment. Your Realtor may be able to get a seller-paid closing cost credit of up to 6% on your FHA purchase. So in a perfect scenario, all you would need is 3.5% down payment, good credit and your SSI. Good luck! Julie Rice Thall, Loan Agent
Web Reference: http://www.rpm-mtg.com/jthall
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