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getting a mortgage working part time with - Social Security

Posted: Mar 29, 2013

Has anyone been able to get a mortgage while working part time and receiving Social Security? I have been told by 2 mortgage lenders that this is not possible. Any replies are greatly appreciated, and if you felt like sharing the name of your mortgage lender that also would be appreciated. Thanks!

mortgage - Effie

[ In Reply To ..]
Well, getting a mortgage is dependent on having the income to qualify. Its against the law to discriminate over where the legit income comes from.. and they can't discriminate based on age. So if your income in sufficient to cover the mortgage I do not see how it could be impossible to get said mortgage. CREDITBOARD has a mortgage forum.. I would get on there and ask the experts.

Other options - anon

[ In Reply To ..]
Check into your local community bank or credit union as well. Sometimes, they are more willing to lend than the bigger institutions.

Unless you can - find

[ In Reply To ..]
an extremely low-cost home to purchase, you might be better off continuing to rent given the limits on your income. Home ownership comes with a lot of expenses you don't have when you rent. If your financial situation changes, you have more flexibility to change your living quarters if you rent than if you are paying on a mortgage. There are a lot of things to consider before taking on a long-term financial obligation like a mortgage.

Mortgage with social security - LivCheep

[ In Reply To ..]
With rents getting higher and higher (most over $1K/mo), I can see why you would want to own especially in light of the fact that interest rates are still bottomed out and houses are still a bargain. Your social security income is a given in any situation and your parttime job is probably more secure than most fulltime jobs in this economy and those 2 factors are to your favor. If you select a modest-priced home in the the $100K or lower category and you can come up with the better than average down payment like 25% to 30%, you would look like better bet than most younger people with 2 incomes. Of course, a lot depends on your credit rating, savings and any other collateral you may have. I think your chances are good. Shop around and good luck to you.

Also depends on total debt load - Zenaida

[ In Reply To ..]
It also depends on what other debts you may have. If the mortgage would raise your total debt load to more than 50% of your income most lenders will not make the loan.

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