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Old 04-01-2012, 10:33 PM   #1
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Buying a house while on SSI and SSDI?

Hi I would like to know what are the rules to buying and owning a house while on SSI and SSDI.

Is it not possible. I will be having a mortgage or loan to help with the costs of course. If not possible can someone give me or purchase a house for me. Thanks.

 
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Old 04-02-2012, 06:17 AM   #2
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Re: Buying a hues while on SSI and SSDI?

Interesting question. I know SSDI has no income/assets restrictions but SSI does. I have heard from reading this board that the home you live in and the land it is on is not counted as a resource for SSI. Is someone giving you the home or are you purchasing? Where/How are you living now? Your post was a little ambiguous. You may wanna run this by the same attorney you used who helped you obtain your SSI/SSDI benefits unless ofc you did not use one. I would still seek legal counsel or at the very least, call up the SSA and simply ask them.

Last edited by BlueSkies14; 04-02-2012 at 06:39 AM.

 
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Old 04-02-2012, 08:17 AM   #3
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Re: Buying a hues while on SSI and SSDI?

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Originally Posted by BlueSkies14 View Post
Interesting question. I know SSDI has no income/assets restrictions but SSI does. I have heard from reading this board that the home you live in and the land it is on is not counted as a resource for SSI.
I agree with Blue. The old "Homestead" laws have been around for a long time, and SSI does not count home you live in (if you own it) as a resource.

If you are wanting to buy a house - you certainly can if you want to.

 
Old 04-02-2012, 02:38 PM   #4
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Re: Buying a hues while on SSI and SSDI?

Yes, everyone is correct. You can own your own home and one car while on SSI. However, If your buy a home and your other home is not sold yet, that will count as a assest , but if you are renting then buy a home it should be fine. SSDI does not count resources or income .

 
Old 04-02-2012, 08:47 PM   #5
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Smile Re: Buying a house while on SSI and SSDI?

Hi sorry I didn't provide more details about myself.

I was awarded both SSI/SSDI on my first attempt with no lawyer.

I am living with my parents now and I pay for my room and board.

I will be purchasing the home myself and live by myself.

I am hoping to get a loan/mortgage.

I am wondering if banks are kind to people on Disability. My credit is excellent, so that is good. I am looking at a home/house in the 200,000-300,000 range right now.

Thank you for your responses. I know you specifically you guys have helped me in the past and I appreciate that.

 
Old 04-03-2012, 02:20 AM   #6
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Re: Buying a house while on SSI and SSDI?

Banks look at your income. If you are getting SSI, you must have low resources. Unless you are getting a "gift", I question how someone on SSI would be able to afford a 200,000 to 300,000 house?? Unless you are getting significant help?? My house was bought (ten yrs ago) for 120,000 and can't afford it without a roommate and my SSDI is a little higher than average. I don't mean to be negative as I don't know your situation, but I just don't want you to get your hopes too high if you can't get a house in that amt. I'm afraid a bank will see you earning SSI as not enough income to pay a 2000 to 3000 payment a month. But if you can swing that on SSI, then that's great. You can give others advice on how you are able to! Good luck!!

 
Old 04-03-2012, 02:33 AM   #7
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Re: Buying a house while on SSI and SSDI?

I was just looking at your question again and saw you asked if someone could purchase or give you a house. If so, that would count as a gift and could potentially affect your SSI. I would probably call someone at SSI and ask them how that would work if you received a house as a gift. Are you meaning family buying you a house?? Your best bet may be them buying a home and you just living in it if they are able to afford to "give" you a house.

 
Old 04-03-2012, 05:34 AM   #8
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Re: Buying a house while on SSI and SSDI?

Hi thanks for adding some of your advice to my post. BTW I don't think you are being negative, just kind of telling it how it is.

I am in a sort of different situation than most. I just kind of would like to know what my options are with regards to home ownership.

Maybe I was listing my home price kind of on the high side. I would really like to live in a studio/loft type of home but I would like to own more than rent. I would like to live on the outskirts of Washington D.C. (I know really expensive city to live in). I am looking into homes in Maryland and Virginia. I would like to live in a safe area. I am in Los Angeles and am kind of tired of it. haha. When I tell people that they ask me if i am joking around but it is true. I love D.C.

 
Old 04-03-2012, 05:41 AM   #9
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Re: Buying a house while on SSI and SSDI?

I am also curious about hud and section 8. Am I allowed to use hud to buy a home while on SSI. Also I have heard about the Pass plan a lot and that you can use it to buy a home or a car and it will not count against you.

Last edited by sandkicks; 04-03-2012 at 05:51 AM.

 
Old 04-03-2012, 09:31 AM   #10
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Re: Buying a house while on SSI and SSDI?

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Originally Posted by NElady View Post
I was just looking at your question again and saw you asked if someone could purchase or give you a house. If so, that would count as a gift and could potentially affect your SSI. I would probably call someone at SSI and ask them how that would work if you received a house as a gift. Are you meaning family buying you a house?? Your best bet may be them buying a home and you just living in it if they are able to afford to "give" you a house.
Yeah, I was thinking along the same lines as you NElady.

 
Old 04-03-2012, 09:38 AM   #11
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Re: Buying a house while on SSI and SSDI?

It is kinda like Harmoney here. She had her SSI stopped because of an inheritance. Some of the rules are very complex.....you must always proceed with caution and always be thinking "what if"

You are on SSI and you have only 1 brand new car. Someone gives you another one. The second car is counted as a resource and will impact your SSI.

 
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Old 04-03-2012, 03:21 PM   #12
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Re: Buying a house while on SSI and SSDI?

Quote:
Originally Posted by sandkicks View Post
Hi thanks for adding some of your advice to my post. BTW I don't think you are being negative, just kind of telling it how it is.

I am in a sort of different situation than most. I just kind of would like to know what my options are with regards to home ownership.

Maybe I was listing my home price kind of on the high side. I would really like to live in a studio/loft type of home but I would like to own more than rent. I would like to live on the outskirts of Washington D.C. (I know really expensive city to live in). I am looking into homes in Maryland and Virginia. I would like to live in a safe area. I am in Los Angeles and am kind of tired of it. haha. When I tell people that they ask me if i am joking around but it is true. I love D.C.
In your case I would look into USDA loans if they have them in the area you are looking at moving to. They are for low income families in more rural areas though although not always way out in the boonies. You have to have above average credit no down payment required and payments based on your income. This is a very simplified version but it is an excellent program for someone with limited income but good credit wanting to get a home. just google usda home loans for tons of info.

 
Old 04-03-2012, 04:10 PM   #13
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Re: Buying a house while on SSI and SSDI?

You might want to search online for a mortgage calculator. Even a $100,000 home might be out of the question.

MY GF who is on SSI got a Habitat for Humanity Home (her loan is for around 35-40,000) she now wishes she was back to renting as her payments take most of her check each month. A habitat home has no interest too.

We bought our house for $56,000 (16 years ago in a small town in the midwest Fully remodeled 3 BR 1.5 bath 1800 sq feet) our payment + tax, & insurance is around $600/mo. If you qualify for SSI it wouldn't leave much left.

Good luck- there are programs and it would be nice to be independent!

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Old 04-03-2012, 04:22 PM   #14
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Re: Buying a house while on SSI and SSDI?

Yeah, I don't see how anyone could afford to buy a home on SSI or SSDI/SSI combo. A near max SSDI (yes), but SSI only...no way! I can see someone barely making it on SSI alone if their home was already paid for when they went on SSI but not trying to buy a home after being approved for SSI.

 
Old 04-03-2012, 04:28 PM   #15
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Re: Buying a house while on SSI and SSDI?

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Originally Posted by sandkicks View Post
I am also curious about hud and section 8. Am I allowed to use hud to buy a home while on SSI. Also I have heard about the Pass plan a lot and that you can use it to buy a home or a car and it will not count against you.
Hi Sandkicks

In no way do I want to be Debbie Downer,but please tell me how you can qualify for /receive SSI,......and also BUY a home in DC?

I would think that you would open up a can of worms much worse than you can even fathom.It doesn't matter(would make it even worse IMO) if you tried to put it in "someone else's name",or work around any "financial technicalities". They (SSA) have seen it all,and I wouldn't want to see you get yourself into hotwater or jeopardize your benefits.

Just being honest
Ferd

 
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