Home Buying in Sacramento>Question Details

tutu, Home Buyer in Sacramento, CA

I would like to know can a person start to look for a home and purchase a home with little income. SSI and Umployment payments

Asked by tutu, Sacramento, CA Sun Feb 5, 2012

Help the community by answering this question:


We recommend Buyers go to the bank or credit union where you have your checking account and ask to speak with their mortgage specialist. Bring along all you income documentation.

Good Luck!
1 vote Thank Flag Link Thu Mar 15, 2012
The two questions a lender need to address are: is the income adequate, and is it reliable enough. Social Security income is a no-brainier; everyone will consider that income – and most will even add additional income so that it is comparable to income from a job where the person pays social security, taxes, etc. Unemployment income is a different matter. Because it is by definition temporary income most (I would say all, but you never know…) lenders will not consider it effective income.

So the question becomes: “How much of a payment can a person with only Social Security income afford?” 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 borrower’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.
1 vote Thank Flag Link Mon Feb 6, 2012
easy, go to any bank with ALL of your financials, ie tax returns, etc

let A BANK give you financial advise, not a realtor
0 votes Thank Flag Link Mon Feb 13, 2012
Before you decide to purchase a property I would advise you to consult your intention with your social worker first. Especially, if you and your family are currently medicare and medical recipients, you should know what would happen to your property after your death.

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.
0 votes Thank Flag Link Mon Feb 13, 2012
Hi, you can use the SSI income and also your personal income, however not the Unemployment Income, because it is not consider permanent income. If you want someone to help you locate a mortgage home loan, please contact me, I have some contacts that may be able to assist you with this.
0 votes Thank Flag Link Sun Feb 5, 2012
Short answer is yes.

Glenn Olsson
Board of Directors-CAMP
Calif. Association Of Mortgage Professionals
Sacramento Chapter

He will work with you to get the best possible loan for you. If he can not do it then no one can.

Good luck,

Jamie Collins
0 votes Thank Flag Link Sun Feb 5, 2012
You need to get a preapproval from a Mortgage Company. They will let you know what income qualifies .Wish you the best and if you need direction to one contact me.
0 votes Thank Flag Link Sun Feb 5, 2012
you may use your social security income but not the unemployment income because it is not permanent income.
0 votes Thank Flag Link Sun Feb 5, 2012
I have helped he buyers using disability and/or social security, but I am unsure if you can use unemployment as qualifying income. In fact, because it isn't meant to be permanent I don't believe it is eligible. The best thing to do is have a candid conversation with a mortgage broker.
0 votes Thank Flag Link Sun Feb 5, 2012

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
732.606.2931 (Direct/Cell)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Feb 5, 2012
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