I get SSI. Is it possible to mortgage a home? I live in a small, Pennsylvania town?
Home Mortgage
MIssy A asked:
I found an older model home for 250 dollars a month. I’m young and don’t know anything about taxes, insurance, or utility costs on the home. I only earn 700 dollars a month, and budget out 200 dollars monthly on a car. Is it impossible to mortgage a home? What if I had a roomate with the same amount of income as me?
Alfred
I found an older model home for 250 dollars a month. I’m young and don’t know anything about taxes, insurance, or utility costs on the home. I only earn 700 dollars a month, and budget out 200 dollars monthly on a car. Is it impossible to mortgage a home? What if I had a roomate with the same amount of income as me?
Alfred
July 21st, 2009 at 9:37 pm
Edward
Contact HUD and FHA representatives to see what type of low income assisted mortgage plans are available. There used to be programs that subsidized part of the mortgage payment. I don’t know if they still exist.
July 24th, 2009 at 5:02 am
Jorge
Potential income from a roommate will not be considered when applying for a mortgage. With a salary of only 700 a month…minus 200 for your car, a mortgage (with a payment of 250) would be impossible for you to get. You can not live on $250 (what’s left) a month. You must think about your utilities, taxes, insurance, food, misc. expenses.
July 27th, 2009 at 8:04 am
Henry
Ranger C is correct in most of his statement.
All income can be counted including a roommates income.
But then it falls under a commercial account as a rental then you need a 20-30% down. The FHA is a good source. However HUD would be your best bet. So i have given Ranger C. my thumbs up.
Best of luck
July 28th, 2009 at 3:30 am
Carlos
Home insurance is actually very flexible. I’m not sure about Pennsylvania regulations, so I recommend you contact a local home insurance agent. They should be able to help you.