Lenders consider all your income when you apply for a mortgage loan. That includes your Social Security income. You can count any income you receive through this program, including Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) and traditional Social Security income.
Does mortgage affect SSI?
To qualify for SSI, you must be permanently and totally disabled, and you must also meet income and asset requirements. Because Social Security doesn’t count your main home as an asset, having a mortgage on it won’t affect your eligibility for SSI.
Can a person on SSI buy a house?
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.
Can you buy a house with Supplemental Security income?
A catch-22 to buying a house while you are on Supplemental Security Income is that in order to have enough money for a down payment and closing, you probably have more assets than you are allowed to have on Supplemental Security Income.
When is your home can be excluded as an asset for SSI?
Fortunately, some assets, like the home you live in, will not be counted when determining your eligibility if you meet certain requirements. This is is called the “home exclusion.” To be eligible for the home exclusion, you must own the home.
Can a mobile home be excluded from SSI?
Regardless of how the title is set up, the home must be your primary residence if you want it to be excluded in the Social Security Administration asset evaluation for your Supplemental Security Income eligibility. Your home can be a mobile home, a houseboat or a traditional brick-and-mortar house.
