Home Buying in 33609>Question Details

sandra nunez, Home Buyer in Tampa, FL

Can I buy a home in Tampa florida for $40,000 living on social security?

Asked by sandra nunez, Tampa, FL Wed Mar 27, 2013

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Deborah Orr’s answer
I recently found a fabulous place for my parents in a small 55+ community in New Port Richey (outlying Tampa area). It's a much better area for a senior than Tampa. They paid $32K. It's cute as can be 2BR/2BA villa with a community pool, convenient to everything within a couple of blocks. It's even just a few blocks from the downtown area Library and theater. The important thing was that we found something with no maintenance but with very low monthly fees. They pay $80/month which includes the lawn, bush trimming and all exterior maintenance. My dad used his VA benefit so they got in for nothing down and financed the whole thing. The total of their mortgage with HOA fees is only $320/month. I know there are a few more available in the community right now.
0 votes Thank Flag Link Sat Mar 30, 2013
You can qualify for a loan on Social Security Income. VanDyk Mortgage does not have a minimum loan amount as well. If you would like to discuss your options further, please call me anytime direct 727-421-1067, e-mail mhelm550@vandykmortgage,com. I would be glad to answer any questions in regards to loan programs available to you.

Maureen Helm NMLS #118232
FL LO #9317
1 vote Thank Flag Link Thu Mar 28, 2013
There are a number of 55+ communities in the Tampa Bay area that cater to retired persons. They are generally very low maintenance and inexpensive. Depending on how much room you need, you should be able to find a condo or manufactured home with great amenities at that price.
0 votes Thank Flag Link Wed Apr 3, 2013
Yes you can, this income is not taxable and can be grossed up for a higher loan approval if needed. 15% up for Conventional loan or 25% up for an FHA loan. Depending on the area you are looking at, the home may qualify for a USDA loan that is 100% financing. I am a Realtor in the Tampa Bay area and have been on the Lending side for the past 15yrs as well. I would be happy to help you with any questions you have.

Mike Gingras 813-802-0789
0 votes Thank Flag Link Mon Apr 1, 2013
As long as your income to debt ratio is in line you can use any solid income. If you would like to contact me off line at emailmybroker@verizon.net I can help you prequalify and let you know.
Kind Regards,

Dwight A. McDonald PA
Broker, Realtor®,Realtist®,CDPE,ABR,CPMS,FMS
CDPE-Certified Distressed Property Expert
ABR-Accredited Buyer Representative
CPMS-Certified Property Management Specialist
FMS-Florida Military Specialist
Certified Fannie Mae CreditSmart® Trainer
International Realty Plus-Tampa Bay
1313 Providence Road (Note: GPS unreliable-we are on east side of road)
Brandon, FL 33511-4885
Phone (813) 629-6954
Fax (813) 569-1772
http://www.irptampabay.com
0 votes Thank Flag Link Wed Mar 27, 2013
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