I just sent you both an email with several links. Check your spam folders.
If you are applying for social security disability or have been approved for SSD and currently receive benefits, the issue of home ownership is a non-issue.
In fact, the issue of assets at all is a complete non-issue. SSD is considered a federal insurance entitlement. In other words, you pay into the system over several year via work activity (and this is the case whether you have your fica contributions deducted from a paycheck or you are self-employed and have to "settle up" with the IRS annually or quarterly) and if you own one home or twenty homes it makes no difference.
SSI disability, however, is different. SSI is need-based and SSI disability benefits are available to adults and children who are not insured and, thus, not covered for social security disability insurance benefits. For SSI, assets are absolutely a consideration and, in fact, the cap on assets for this program is two thousand dollars. Meaning: you cannot have more than two thousand dollars in countable assets and retain eligiblity for SSI.
Obviously, any home will be worth more than two thousand dollars as an asset. However, countable assets for SSI disability eligibility does not include the residence you live in. So, to answer the question we began, "can you buy a house or home if you receive Social security disability or SSI?", we can state the following----
1. For social security disability, it doesn't matter and assets are not a consideration.
2. For SSI, assets are a consideration in determining a person's eligibility, but will not be an issue as far as one's residence is concerned. Real property will, however, be a consideration for any real property that is owned aside from one's residence. And in such cases, the fair market value of excess real property will be used to count against the two thousand dollar asset limit for SSI disability.... more
I would love to help you!!! Where is it that you want to move to? We would have to get you in touch with a lender and get you pre qualfied and we would go from there.
Mary Kay Clapp
What do you want from your agent in terms of marketing that you are not getting?
Even though the market pendulum is swinging back towards sellers, it still is a tough market to set a sales price record in any subdivision, FWIW.
You would have to use not just his income but also his credit history. You would have to be co-owners of the property and you will still need to find out if your disability income counts toward the mortgage payment. Contact a mortgage professional. Better to KNOW than to GUESS.... more
You're future husband will need to be on the mortgage application and the Offer to Purchase and Contract if you would like his income to be counted. Bear in mind his credit score will also be a factor.... more
Have you checked with a mortgage professional? I am pretty sure temporary disability payments cannot be counted as income, but that may not be true for permanent disability payments. The amount of income may be an issue or the debt to income ratio. If you want a definitive answer, check with a mortgage professional. If you don't know one, talk t a local real estate agent and ask to be referred.... more
I wish I could help you with this, but I really think it would be in your best interest to reach out to your tax professional. If you do not have one I work with a couple of great ones and could send you thier contact information.
Have a great night.
What date did the property title change?
Have you rebuilt a qualifying credit history?
Is the home you wish to purchase affordable? (within established lender approved guidelines)
A qualified loan officer/lender can answer your questions and work in order to get you approved.... more
Duncans Ridge is a beautiful custom home community half-way between Holly Springs and Fuquay Varina that provides awesome value for square footage- largen 3200-4500 SF homes ($125-145/SF) on larger than usual lot sizes- 1-2 acres! The homes are custom designed and built with quality construction and ample interior/exterior features that make the entire neighborhood feel special. Although there are no community pools or parks at this time, most people select this neighborhood for the peaceful ambiance of being on larger, more private lots and being surrounded by hardwood trees. I am actually a friend to some of the folks who live in there and they absolutely love it.... more