In My Neighborhood in 18324>Question Details

Lynne L Tayl…, Home Buyer in Neptune City, NJ

I am on SSI and have a small pension. A retired nurse. Could i get a morgage for 70000 with 20000 down payment for 15 years?

Asked by Lynne L Taylor, Neptune City, NJ Sat Sep 12, 2009

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The first thing that need to do is speak with a mortgage broker. There are several factors involved in qualifying which include your income to debt ratios, your credit score, etc. A mortgage broker will be the best person to talk to about different types if mortgage programs available to you. If you are a first time home buyer (or have not owned a home in 3 or more years) you may qualify for FHA or Rural Housing and if you have owned a home in the past 3 years conventional may be the way to go.

I am currently working with a buyer who recently retired and is on SSI he qualifies for an FHA loan program, which only requires 3.5% down and his children are gifting him the entire 3.5% down, so it certainly is possible.

If you would like a list of local lender you could speak with I would be happy to give you several names and numbers. It costs nothing to get pre-qualified and generally only takes a few minutes of your time.

Cheryl J. McDonald
Fitzgerald GMAC Real Estate
Stroudsburg, PA 18360
0 votes Thank Flag Link Sat Jan 9, 2010
Ms. Taylor,
It would seem to me that your down payment is considerable and large enough, if your income will cover the payments and you have a good credit history. You would need to speak with a Lender, and I can recommend a few local ones, if you wish. At a price of $90,000, though, most properties will need some work. I would be happy to do a seach for you. If you so wish, please contact me at :
Keith Harris
0 votes Thank Flag Link Fri Jan 8, 2010

You asked a great question. However, you really need to talk to a lender in your area to go over the specifics of your situation. You do have regular monthly income. But, the lender will check your credit history,credit score & your outstanding debts (credit card balances, a car loan balance, etc.), among other factors used in the credit granting process.

I hope all goes well for you.

Best regards,

0 votes Thank Flag Link Sat Sep 12, 2009
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