Hello Sonya, with interest rates floating in the 4's, it is certainly one of the best times in recent history to buy a home. One of the biggest benefits of using SS income to qualify for a loan is that the amount can be multiplied by 125% in most cases. Due to the fact that most SS benefits are not taxed, allows the lender to round up the income by 125%. For example, if your benefit is $1000.00 per month, we can use $1250.00 for qualifying purposes. Please feel free to call me if you need further explanation. Best of luck!
I think it may look lower until you look at what you are paying for. Sometimes the fees are actually higher with the programs. You have to use their lender, their lawyer etc and they get a rebate to the program. Your income should be helping you figure out what the price range of a home is that you can afford. I would start there and see if you have a home in your price range that works for you.
The income doesn't have to be social security but if a buyer's income is below certain income limits for the # of members in the household, it is possible to get a first time homebuyer product with lenders approved with the NC Housing Finance Agency. The FirstHome product is usually a lower than market interest rate. They also have down payment assistance and an MCC tax credit.
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