Here is what you need to know about the process, the loan options available, and the rules governing different types of benefits. 💰 How Lenders View Your Income
SSI is a need-based program with strict asset limits (generally $2,000 for an individual or $3,000 for a couple). However, the Social Security Administration provides a "home exclusion" rule. The home you purchase and live in as your primary residence does not count toward your SSI asset limit, regardless of its value. However, accumulation of cash for a down payment could temporarily push you over the asset limit if not managed properly through specialized accounts like an ABLE account or a Special Needs Trust. 💡 Assistance Programs and Grants buying a home on social security
The Department of Housing and Urban Development (HUD) has a Housing Choice Voucher (Section 8) homeownership program. In certain areas, you can use your monthly rental voucher to help pay a monthly mortgage instead. Here is what you need to know about
When you apply for a mortgage, lenders look at your ability to repay the loan over time. Social Security is actually viewed very favorably by financial institutions because of its guaranteed, consistent nature. The home you purchase and live in as
You do not need a traditional 20% down payment to purchase a home. Several government-backed loan programs feature low down payment requirements and flexible credit guidelines: