Foreclosure in Tamarac>Question Details

Tanya, Other/Just Looking in Tamarac, FL

Can I having only SSD buy a forclosure, or a home, and be eligible to get a loan to do so with having SSD as my only income?

Asked by Tanya, Tamarac, FL Sun Oct 3, 2010

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5
Hi Tanya,

Interesting question. I don't think the real answer will be as positive as the other answerers. If your credit score is under 620, you will have almost no chance of getting a loan--even with a 15-25% down payment. Let me know if I am wrong, but my guess is you will be renting until your credit score exceeds 620 and your income is from more traditional sources.

Dane Hahn
0 votes Thank Flag Link Mon Oct 4, 2010
Absolutely, SSD income is just as good of income as any other sources if not better. In addition to that, any social security income is grossed up to 125%. So as long as you have enough income to qualify for a loan, you're good.

If you'd like to discuss your loan options and have me explain how to gross up your income and what amount you qualify for, feel free to call me at 1-800-801-6080 or email contact@fhlmail.com
We lend all over Florida.

Andrew Ollick
Faith Home Loans, Inc
800-801-6080
contact@FHLmail.com
http://www.faithhomeloans.com/express.html - GET PRE-APPROVED
0 votes Thank Flag Link Mon Oct 4, 2010
Tanya:

SSD is a fixed installment income, meaning it will arrive for sure every months at the same time.
To a lender that is GOLD. In a sense you are a safer borrower that someone with regular work income.

Tony Vega
Charles Ruteneberg Realty
0 votes Thank Flag Link Mon Oct 4, 2010
Absolutely! It all depends on the price of the home and what other debt you have. If you would like, call me to discuss your options.

Jose Morales
Florida Mortgage Coach
http://www.floridamortgagecoach.com
Off: 561-432-9237
0 votes Thank Flag Link Mon Oct 4, 2010
Hi Tanya,
it should be possible with SSD to purchase a property even a foreclosure. The bets option you have is to speak with a mortgage banker so they can determine your income to debt ratios and see how much you may be able to qualify for.

If you need a referral to a mortgage banker please let me know and i will be happy to provide their contact information. Please contact me directly.

Best of Luck
Jose Castillo
Coral shores Realty
954-240-3940 or josesellsfl@yahoo.com
Web Reference: http://www.josesellsfl.com
0 votes Thank Flag Link Mon Oct 4, 2010
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