Home Buying in New York>Question Details

Lkuriger, Home Buyer in Queens, NY

Can a person on ssi own a home?

Asked by Lkuriger, Queens, NY Thu May 23, 2013

I am on ssi and I live in NYC is it possible to own a home?

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Answers

8
Not only is it possible to buy and own a home with income from social security you can also buy a coop and pass the board approval process if the income is adequate to meet the coop's income to debt ratio criteria.

SSI is guaranteed for the rest of your life by the federal government. Very few people with jobs have any guarantee since most can be fired and lose their income at any time.
1 vote Thank Flag Link Fri May 24, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
yes you can call me to discuss
1 vote Thank Flag Link Thu May 23, 2013
It is possible, and if purchasing with a mortgage begin by visiting with any licensed loan officer to determine qualification.
1 vote Thank Flag Link Thu May 23, 2013
It's absolutely possible. I'm just not sure how much you'll qualify for with SSI income alone. Consider speaking to a Loan Officer and seeing just how much you'll qualify for. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Thu May 23, 2013
I'll add to the general consensus with my Yes, you can own. There is much you don't mention here and of course, situations will make a difference. You might be on SSI after a long and successful career. You might be able to buy without financing for all we know.

The first step in knowing if you can afford to purchase would be to talk with a Mortgage professional. For that, you could go to the Bank you do your business with and ask about getting pre-qualified for a loan. They will look at your assets, income, credit, etc and give you an idea of your purchasing power. Good luck.
0 votes Thank Flag Link Fri May 24, 2013
Hi Lkuriger,
You are certainly able to obtain financing while on SSI. As many of my peers have explained below, I would need to speak with you and review your income, assets and current debts to best determine how much you are able to be pre-approved for. Please feel free to contact me any time.

Regards,
Julie A. Horvath
Area Manager
Northpointe Bank
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
0 votes Thank Flag Link Fri May 24, 2013
yes, you would need to speak to a Mortgage Professional to review everything and they would be the best person qualified to lead you in the right direction.
0 votes Thank Flag Link Fri May 24, 2013
Yes you can. Just talk with some lenders and depending on the amount of your SSI, your Credit Score, your Debt, and some other things they will let you know if you qualify for a home loan and for how much.
0 votes Thank Flag Link Thu May 23, 2013
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