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Thread: Going about Purchasing a Condo or House

  1. #1

    Going about Purchasing a Condo or House

    Hey Guys, I have came across viewing many of you guy own Condo and house. I wanted to know how were you able to purchase this when we are only limited to save money in a bank account no more then $2000. I am working and stop receiving my SSI monthly payment since I started working. Just wanted to know what step to take. Thankyou

  2. #2
    Senior Member Susqu's Avatar
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    Since you're no longer getting ssi who is limiting your savings?

    I own my home, but never received ssi, just ssdi.

  3. #3
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    I was working when I purchased my home. By the time I traded it in for a condo I had stopped working but had the equity from my home in addition to SSDI, not SSI.

  4. #4
    Senior Member NWC4's Avatar
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    Hi P.B.

    If you are off all government aid then you are not limited in what you can save. However if you get any state aid for attendents then the limit may still apply. But there are ways around that.
    The first step is to call a bank or a loan broker and ask to speak with a loan officer. They can tell you how much of a loan you will pre-qualify for based on your yearly income and your expenses. There are programs for first time buyers that allow for lower down payments so be sure to ask. Call a couple. You can also call a realitor, they can explain process in more depth. If you do qualify for a loan then it's a matter of finds something w/in you price range.
    It's a great time to buy with low housing prices and low interest rates. Buy something within your means, you don't want to get in over your head. Also I would strong suggest going with a fixed rate and staying away from variable rates. It's only a matter of time before rates head up which means so would your loan payments.

    Never buy the first time you look at!

    I hope it goes well for!

  5. #5
    Quote Originally Posted by P.B View Post
    Hey Guys, I have came across viewing many of you guy own Condo and house. I wanted to know how were you able to purchase this when we are only limited to save money in a bank account no more then $2000. I am working and stop receiving my SSI monthly payment since I started working. Just wanted to know what step to take. Thankyou
    If you are employed now, and no longer getting SSI or Medicaid, there is no limit on the amount of savings you can accumulate. Time to start building your savings now, as you will need it to qualify for a mortgage, pay earnest money, and make a down payment. There are some state programs that make this easier for first time buyers, but even they require a certain amount of down payment on your part. A good rule of thumb is to start saving nearly the amount monthly that you anticipate needing to pay as a mortgage when you purchase (minus your current rent amount if necessary). Don't forget to also estimate what you will need to pay for maintenance, utilities, and property taxes. Closing fees can also take a pretty big chunk.

    The days it is more difficult than ever to get qualified for a mortgage. The days of no money down, sub-prime mortgages are over. Once you think you have enough savings, and have a track record of some time of employment (not just newly hired), then you need to get pre-approved for a mortgage. You can do this by working with a good mortgage broker. They can help you figure out what you can afford as well. Many realtors and sellers will not even show a house without knowing that the potential buyer is pre-approved.

    Keep in mind also that you will have to explain in the loan application where you got any sudden large amounts deposited to your account (such as an inheritance or a large sum from your parents for buying a house). Many lenders do not consider that the same as accumulated savings when looking at qualifying you.

    (KLD)

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