Financing in Anacortes>Question Details

Maggie, Home Buyer in Anacortes, WA

can you buy a home with a doc loan or as social security as your only income?

Asked by Maggie, Anacortes, WA Tue Jan 3, 2012

Help the community by answering this question:

Answers

5
Social Security income is still income...so you're covered in that regard. It is also documented income.

By "Doc" loan are you referring to documented (or not documented) income? "No doc" loans are quite uncommon these days, since they were blamed in large part for our housing fiasco, whether justified or not. Your social security money is documented income.

Good Luck, as there are some really good buys out there right now, and great rates.

I have a business confidante specializing in Anacortes if you'd like a good contact there.

Cheers,

Rob Merhaut, Remax
0 votes Thank Flag Link Tue Jan 3, 2012
I couldn't agree with Jurius more....nothing really to add.
0 votes Thank Flag Link Tue Jan 3, 2012
Magggie,
As you have already read, of course you can. As a Loan Originator & Real Estate Broker, I would be happy to help you with this.

I would suggest, that as a buyer, you Google every agent that responds to your question here on Trulia, learn as much as you can about who they are online, read their client testimonials, so you know what their clients are saying about them, and then give us each a call and just ask us why we think you should work with us instead of another agent. This will take you a little while to do, but will be time well spent, as choosing the right agent is the first step towards choosing the right home. Then, pick the best fit for you and let them go to work for you with the skill and knowledge that they have. I hope to hear from you soon.

Thanks, Jirius
0 votes Thank Flag Link Tue Jan 3, 2012
Yes, Social Security can be used as income for the purpose of qualifying for a mortgage loan. The lender will require the award letter and evidence that it will continue for three years (yes, I know that does sound silly; however, I once needed a letter from SS for the approval of a 75 year old borrower!!! Keeping a sense of humor does help the lending process go down easier!!).

In fact, if the Social Security is tax free (as it usually is), most lenders will allow "grossing up" of the amount received. Usually, the gross up factor is 25%; however, some lenders (or programs) only allow a 15% factor. In other words, if you are receiving $1000 in Social Security income, I would use $1250 as the income and preapprove you with that figure.

Social Security income and gross up are one of the few areas of finance that have remained consistent through the housing crisis of the past few years. I encourage you to consult with a mortgage professional to establish exactly what your buying power is. Best of luck to you!
0 votes Thank Flag Link Tue Jan 3, 2012
Of course you can. A good contact to answer more fully is Diane Martin at Wells Fargo Home Mortgage, 360-770-3834 or 877-781-3441. She has experience with this and has done many loans for people in this exact situation.
0 votes Thank Flag Link Tue Jan 3, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer