Consumption and Real Estate
Can a senior citizen on social security disability get a small loan around $100,000 to build a house if they?
Question : Can a senior citizen on social security disability get a small loan around 0,000 to build a house if they?
do not work at all but just have around $ 800.00 a month in income. Would any bank give that senior a loan for the house or not???
loans for senior citizens
Best answer:
Answer by Snap Dragon.
The only way to find out is to ask, it will all depend on your credit rating I should think.
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#4 written by Moe 1 year ago
No, doubt it, now you sound like all those people that are crying about their ARM and loosing their homes. If you can’t afford it you shouldn’t buy it. Also Banks and loan companys are now really strict on loans because of this whole housing mess. If you have no other income how do you think you will be able to afford this home. With a home comes Property Taxes, insurance, maintenance ,utilities, gas, electric, water, garbage, sewer, telephone. What are you going to use for regular every day expenses. Gasoline for car, food, clothes, extras. You definitly can not afford this venture, so forget about it. and move on to something else.
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#5 written by goldwing 1 year ago
Very doubtful, your income is not enough to live on, let alone pay back a debt. Sorry to be negative, but there is no use in building up some kind of false hope here. To qualify for a loan of that size, you would need to earn at least 25,000.00 per year, probably more now that so many mortgage companies have caused so much trouble. Goldwing
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#6 written by isotope2007 1 year ago
It depends on their debt ratio, do they have other debts they owe on, such as credit card debt? Also when the lending institutions consider lending them money they will factor in such things as utility expenses, groceries, insurance etc before the approve an income to debt ratio.
On an income of $ 800 a month I would say no, it wont happen, once you factor in utilities and groceries, medical expenses etc what is left for “disposable” income? Nothing.
Your expenses cannot be more than a certain percentage of your income, and I believe that is 65% so there is NO way this person is going to make a mortgage payment, and pay all their other expenses on about $ 520 a month.
You would also need a down payment of at least 10% and most companies ask for 15% to 25% down payment.
At the very minimum you would need $ 10,000.00 as a down payment and an income of approximately $ 1850 a month in order to qualify for the mortgage. Assuming there are no other debts or loans you are also paying on.
And of course the biggie is your credit rating and what that is.
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#11 written by ncgrl 1 year ago
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#12 written by MYRA C 1 year ago
While I wouldn’t consider $ 100,000. a ‘small’ loan. Lenders must have security & you only mention your income not if you have any other assets, retirement savings, family or children as guarantors maybe some land or a cottage somewhere. First of all a lender needs to confirm the capacity to repay the debt. If there is only $ 800.00 a month how do you pay rent & buy food now? Where do you live? Perhaps you know other seniors who may wish to buy jointly – may still need guarantors. I have found that while seniors enjoy company they truly appreciate their privacy which may not be possible in a joint venture. You didn’t mention just exactly how senior you are – 60-70-80? Are you disabled? Is this why you don’t work? If not, you could quite possibly find a job that suits you and you suit the employer. You have a computer – why not put your skills to work for you?
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I wil tell you the cheapest way
to buy and own a home.
The federal government wants to get 1000s of homes off their hands. These homes go for very little and sometimes even
just a transfer fee.
I’m talking about HUD homes (Housing and Urban
Development.)
Some of these homes are
in depressed areas, but some
are not.
Go online to HUD and click
(somewhere) “properties for
sale.” Check out the site
thoroughly and you will come
up with lots if info including
maps of where these homes
are located. You buy them
AS IS, but most just need
some basic repairs.