So the question becomes: â€œHow much of a payment can a person with only Social Security income afford?â€ The answer is typically +/- 30% to 40% of their income (depending on a number of factors including credit, cash reserves, and other obligations.) From there a lender will calculate what sales price home the person will be able to buy.
There are a lot of other factor that could change even that simple formula: Just a few examples are: a big down payment or cash reserves, using a program that reduces the borrowerâ€™s payment, or having a co-borrower that either will - or will not be occupying the home. If you would like a more specific answer to your scenario, contact me through my profile information.
Once you are informed and are comfortable with the information provided by your social worker, your next step would be to talk to an experienced loan officer to guide you through your loan process.
Please call me for more advise.
Board of Directors-CAMP
Calif. Association Of Mortgage Professionals
He will work with you to get the best possible loan for you. If he can not do it then no one can.
While I am not in California, from a NJ perspective it is possible, You would be better served speaked with a mortage speciailist. Give April Ranello a call at (773) 435-0979. I met her through a client and she has been top notch from day one.
Francesca Patrizio, Broker Sales Associate