Are you planning to buy a home in Albuquerque and receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits? You may have wondered if buying a home will affect your benefits. But as it turns out, many people living on SSDI and SSI benefits do qualify to buy a home, and it’s possible that you can as well. Yet, there are obstacles to consider.
What are some of the challenges? As you know already, the benefits for SSI are low, and you will probably struggle to save for a home while trying to make ends meet. And if you live on SSDI benefits, you may not be sure how long those benefits will last. So when you go to apply for a loan, it may be difficult to prove you have a stable income.
Another factor to consider is that SSI rules limit how much income and assets you can have while receiving benefits. So that creates a fine line between making or having enough to save for a home and keeping your benefits. Here’s the good news though: the home is considered your primary residence, and not an asset.
All of this is not presented to discourage you from buying a home in Albuquerque. It may seem almost impossible to buy a home if you are on SSI or SSDI, but it’s not. There are a number of programs that can help. For example, Fannie Mae offers loans for people with disabilities. Here’s some examples:
- Fannie Mae loans for disabled individuals
- Individual Development Account (IDA)
- Habitat for Humanity
- Housing and Urban Development (HUD) Homeownership Voucher Program
There may also be some nonprofits in Albuquerque that can help as well.
The bottom line is that if you are on SSI or SSDI and are considering buying a home in Albuquerque, give us a call at 505-980-2999 to see how we can help you find assistance.
Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.
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