Category: the Rant Board
So I don't usually post on the zone because I feel when I do I generally
get sarcastic remarks and such from fellow blindies...sometimes the
arrogance really shows on here...anyway here is my dilemma. I live
alone in an apartment of my own and currently receive both SSI for
blindness and SSDI because my mother is disabled, so my SSDI is not
because I’m blind as I know there is such a thing but I do not qualify for
it for some reason. Knowing the job market blows and a college degree
isn’t worth much but the paper it’s printed on, I have begun doing work
on the side and while I’m making some alright money and have some in
savings, I thought it’d be a nice idea to try and look for a home of my
own. Nothing big, just something small. Now of course I think most of
you on here will say it’s just a pipe dream, yeah yeah yeah, well money
talks folks and here is the problem. Those who receive just social
security disablity apparently have no problems qualifying for loans and
blah blah blah, but those on SSI, who some call a form of welfare, boy
how nice is that? say that have no hope of getting a home even though
SSI is still money all the same and it’s not going to end. But how in the
hell is someone supposed to get a loan or mortgage based on an SSI
payment? I receive no outside help whatsoever, and I do not live in
subsidized housing I don’t believe in that, too many regulations and I’m
sorry but I’m not going to live off the govt for the rest of my life so I”m
trying to plan my next strategical move in life. Cash does me no good if
my bank records don’t reflect it, but even with SSI I don’t see why I
wouldn’t be able to qualify for a loan or some how find a contracter to
work for me. So can anyone give me some insight on how someone with
SSI and SSDIC could ever get a home of their own, or should I just go
back to my laptop with jaws and stick my head in a book for the rest of
my life because the agency said so? There’s got to be someway for
someone like myself and other to advance in life, maybe the answer
really is living strictly on cash and nothing else? But I realize in order to
get a loan you need to show 2 years of bank statements and job
earnings. All I have is work study plus money I am able to make on the
side, as little as it is, it helps. I pay rent which is 3 quarters of my SSI,
would it be cheaper to buy some blueprints for a small home and consult
with a private contractor? Since I’ve got good credit, should I see about
taking out a personal loan and doing this off the grid? Any advice is
appreciated. I just can’t believe there aren’t any grants or anything for
people who are blind or those who are stuck only on SSI/SSDI and a
conglomeration of laws and rules and regulations is it best to just avoid
them altogether and do everything on the down low? Apparently Social
security doesn’t deduct anything from your earnings if you pay all of
your expenses yourself, but how in the fuck are you supposed to obtain
a place of your own without a loan or making cash on the side that they
don’t know about, because this stupid $2,000 limit really is asinine
Sure.
The trick to getting a loan is not the source of your income, but the amount in relation to what you want to buy.
Next, how good or credit worthy are you?
If you can prove on paper that you receive X amount of dollars per month, and your bills are less then a reasonable amount, so that you can pay the loan, you can buy a home.
Many states have programs for the disabled under the homestead program.
The problem most folks face on SSI or SSDI, is they don't earn enough money to afford the price of a home, so can't buy one.
Rent is different, because it is up to your land owner if she or he wants to accept you, but banks have rule they should follow.
We had a punch of bad loans a few years back, because banks weren't following rules and just using people.
The smart home buyer doesn't want that sort of loan, because you'll never own it.
So, sure.
If you want to learn if you can qualify, find a loan officer and have them explain it.
We can talk about it here as well.
i'm in low income housing. I figure the restrictions are worth the price break I get. My rent is less than 200 bucks, including utilities. I did manage to work long enough to totally get off of SSI and on to SSDI, so I draw a little bit more money now than the max SSI, but still, it's kind of rough. There used to be something called Habitat, which would work with you to own your own house, at a fraction of the cost, something like section 8, but more like rent to own. I haven't looked in to it in years, so it might not even be around anymore. If my water heater breaks, Maintanence is required to fix it here. If I owned my own home, I'd have to replace or fix it myself. things like that, and me being almost deaf now, makes me think I'm better off where I am. I know my situation wouldn't work for everyone though, so I wish you luck and hope you can figure out how to get you a home.
I heard that, but the issue is, my on the side income is a problem, not
because I actually have the cash in my pocket, but because if I justified
it by saying on yeah I did some work on the side for some folks, and
I've X amount of dollars in my pocket and social security will want to rip
that out of my pocket. And if you can't have anymore than $2,000 worth
of assets, how can you even have your home without loosing your SSI?
isn't that a catch 22? My neighbor was telling me about when he bought
a home for $80,000 and got a morgage which was like $800. With my
SSI and SSDI checks together, I'd be able to pay for that plus like $50.
And obviously my morgage would be my number one priority anyway. I
also know I need at least 20% down, but if the house is small enough I
don't see why I would even need to pay a morgage of $800 a month.
80 thousand and 800 per month morgage wasn't correct at all.
Depending on interest rates is how you decide how much a morgage will be, and if the property insurance is included along with property taxes.
It is a smart deal to include both, because you won't end up with a bill at the end of the year to pay.
Next, how many years are you going to pay. 15 or 30? This can even be cut down.
In order to use income you are going to have to show it in some fashion. Either you pay taxes on it, or you receive it from some source. Child support, or something, but it must be documented.
On special programs, you won't need 20% down, because the bank pays some of it, or waves this requirement.
The best use of extra cash without declairing it, would be to pay on your house with it.
Someone could also give you a gift of a down payment, because gifts are not income.
Yeah I see what you're saying...the more I'm thinking about it, I see people are
constructing houses out of shipping containers. Not only is this way cheaper,
but it will be built like a huge steal box as well. All one would need to do is weld
the containers together and cut doors and holes where need be. As far as social
security is concerned, I assume a gift towards a payment on a house be it a real
house or a shipping container house they wouldn't need to know about...I am
concerned though that the bank will ask me many questions as my bank
account only shows my SSI/SSDIC payments and after all bills are paid it is
near 0. I asked the teller if there were any options for home loans or personal
loans, they told me they do not give them out and to consult a credit card
company for a card, which I've already got, but I'm not going to use that, that
is silly. Basically we're talking about going off the grid. I'm just trying to live
comfortably in my own home without anyone breathing down my back telling
me what I can have and how much of it I can have. That is just crazy. Another
option is finding a property with a house that may not be in the best of shape,
knock it down, and recycle the material to recoop some of my initial cost,
lanscape the plot of land, and bring in some containers and connect them
together, hire a welding crew/contractor to come in and connect everything the
way I lay it out to be...if I went this route, maybe land would be a cheaper
option, as I'll have more options at that point. I'm getting these letters from my
credit card company now and then telling me how I was selected to qualify for a
$25000 personal loan...but I doubt very much they'd give it to me even if I
asked...what are your thoughts on this?
My personal thoughts are your over working it, or thinking it.
Your bank may not offer home loans, but others do.
Next, social security doesn't care if you are buying a house no matter what it's built of. You have to live someplace.
Trailer homes, or what are called prefab homes are normally cheaper, but you'd need to check what is available in your state.
If you have no bills, that is better, but you will need some credit, or find a bank, or loan company willing to help you establish some.
Your credit rating is the key as to if you can get a loan to buy anything at all.
So, your first steps in this venture would be to learn what kind of credit you have.
You can get all 3 credit reports once a year from annual credit report.
add a dot com to that or do a search for it.
You fill out the information, and you can see them.
There is a capture thing on the sight, so if you aren't using firefox with Webvisum, you'll need to get help with it.
Now that you know what your credit looks like, you can approach banks or loan company's with your reports and learn what, if anything you can do with the income you can document.
Remember, some states have programs set up for people like yourself to purchase homes. The problem again, is can you afford it on the income you document.
In some places sure, in others, the cost of a home is to high for the income you generate. Again, this depends on where you live, and the type of home you wish to have.
I would suggest two things:
1. Just wait until you can get a job. That way, nobody can tell you what to do with your income and SSI getting all up in your business.
2. We have a program here in state where you take these classes, and you will get a grant for finding a home that is a mess and fix it up. The mortgage is extremely cheap, I believe my uncle is paying $420, while our rent is more than that.
And, I completely understand your pain. I'm trying to brainstorm myself how the hell will I go to college, grad school, and hopefully get a job soon after. I don't have any plans on living on SSI for the rest of my life, I want to pay for my own insurance, and maybe if I'm lucky, I could build my own home. I know that is pricy, but it doesn't hurt to dream, right?
Also, the reason why I suggest getting a job is because I know two ladies who has jobs that doesn't pay well, but they still receive some money in SSI because of transportation, I guess.
Also, I assume your topic title is directed at blind people on SSI/SSDI, right?
My reason for asking, is I'm a blind person that has owned several homes.
Saying this, it is not a joke for the blind to own anything at all.
The whole point of SSI is to help those with disabilities who are low-income and unable to survive without it, it's not meant to be a program to help you achieve the American dream on the tax payers dime.
Agreed with Lakeria, wait until you get a job, then save up money like non-blind people do it. I don't see why blindness has any relation to home ownership in somebody's mind.
The pre-approval process for loans is usually at no cost, so you can always walk in to a bank or mortgage lender and just find out if and what you are approved for on your current income.
Also be very careful with money you don't report to SSI as they are the government and have ways of finding that out, especially if that money goes to something like the down payment on a house and they can potentially count that against you and you can end up with a hefty back payment.
Depends on the source of the money, and how much it is.
But, yes, it be a good idea to pay your taxes.
I don't know if owning a home is the American dream anymore, and as I've stated, in buying a house, or anything else, the source of your money doesn't matter to a loan company, or bank.
You must live someplace.
If your smart enough, or live in a place where your SSI or SSDI is enough, to by property, you can.
Really, I don't get the point in reporting? They will find out anyways and that's just to emphasize what I said earlier. They will give you your transpoetation money, but the rest of what you make is none of their business.
It is there business.
SSI is different from SSDI, because SSI has a lower earning rate.
SSDI people have worked, so have paid taxes, or had a parent that has.
SSI people usually have never paid anything in to the system, so are given funding to keep them from being beggards.
Each funding source can help, or hinder you, depending on what you do with it.
Neither keep you from making it work for you however.
I read the first few posts on this but not the last couple so sorry if this was mentioned. with ssi it looks at your assets and your house will be considered an asset if you buy it. so especially once you reach the point of having coladeral this might be enough to cancel out your ssi. I'd suggest talking to a lawyer who is familiar with finantial matters who maybe works with a mortgage broker. They can give you the legal end of things, and are bound by cliant confidentiality.
I owned for a few years, don't mind not owning now. A home is only an asset if you plan to die there. Yes there are exceptions, but like Anthony said, you either need to do the repairs yourself or pay to have them done. If they're the kinds of repairs that require a permit, pay to have that done by a bonded insured contractor. I would not have tried to do so living on the government I imagine the government probably would make life pretty hard for you trying to do that, but I don't know. I had no idea one could collect SSDI from a parent's SSDI, if you weren't a minor anymore.
But yes, SSI and SSDI are very different, because SSDI is an insurance claim while SSI is a benefit or an entitlement. Both function differently. I had SSI when in college, and I had SSD for a year after a business of mine failed, and so I'm familiar with how they differ.