And to receive SSI, you can’t have over $2,000 in assets (or $3,000 if you’re married). Of course, it’s unlikely that someone receiving SSI alone would be able to afford a house. But if the individual is making some income (under the allowed ssi amount), he or she may be able to buy an inexpensive house.
But if the individual is making some income (under the allowed SSI amount), he or she may be able to buy an inexpensive house. So, it looks like a Social Security income can go towards a purchase of real estate as long as the Debt-to-income ratio is balanced.
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The short answer, "Yes, you can buy a home if you’re receiving SSI or SSDI benefits." However, you’re likely to encounter some problems, which are unique to receiving such benefits. image credit. buying a House on SSI or SSDI Benefits SSI Information. It’s a stipend given to people who have a limited income. They are 65 and older and with physical disability.
Using Social Security or Disability Income for a Mortgage Social security and disability income can be used to buy a home or refinance. Many people mistakenly believe a job is required to get a mortgage but both these sources of income are acceptable.
Buying a house on SSI. Buying a home while on SSI comes with its own set of unique challenges. Most notably, SSI rules limit the amount of income or assets you can have while remaining eligible for benefits. As a result, having enough money to buy a home – but not too much that you lose benefits – can be a fine line.
Buying a House on Disability Benefits or SSI – Sierra Real Estate – Buying a house on SSI. Buying a home while on SSI comes with its own set of unique challenges. Most notably, SSI rules limit the amount of income or assets you can have while remaining eligible for benefits.
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