Financing in Fresno>Question Details

Chua, Home Buyer in 95815

Can someone receiving Social Security Benefits apply for an FHA loan and qualify?

Asked by Chua, 95815 Fri Jun 19, 2009

Or does the individual need to have an income other than that?

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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
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