Buy a place

Stargazer Lilies

New Member
Joined
Jan 4, 2013
Messages
208
Reaction score
0
So I am wondering can one get mortgage while have no job, and being on SSDI if the person make 50-60% downpayment and still have enough savings to cover the entire mortgage payments for years to come.

Any advice or experience with this situation? Do you know where I find realtor or lender with experience working with deaf people like me for consultation?

Thanks!
 
Well since SSDI is actually income it should be possible. You would look into first time home owner program which is easier and has better rates.
Would help if your credit rating was over 750 too. That you can check out yourself. Now is the best time to get a mortgage with a 30 year at about 3.35%
Talk to a banker or even a real estate broker, both can give you info
 
So I am wondering can one get mortgage while have no job, and being on SSDI if the person make 50-60% downpayment and still have enough savings to cover the entire mortgage payments for years to come.

Any advice or experience with this situation? Do you know where I find realtor or lender with experience working with deaf people like me for consultation?

Thanks!


If you have 50 to 60% down, I don't think there would be a question with any lender. In fact, other than Boston, I doubt many people are putting down anywhere near as much.

Just don't get an adjustable rate mortgage...
 
I guess the question that comes to mind is, why don't you pay cash for it? That way, you give NO interest to the bankers and ALL the money goes to the previous owner. Remember that the bank has to make money on the house. If they say that the house will cost you $200,000 plus interest, the previous owner is NOT going to get all of the money you end up paying over 30 years. This is what I found:

Principle amount: $200,000
Interest rate: 3.369 (for example)
30-year fixed

The amortization process causes the total paid to rise all the way to about $318,070.80. You end up paying *** 118,000 *** in interest alone to pay off the house over 30 years. That is a 59% INCREASE in the cost of the home to you over the 30 years. It's even worse if your interest rate is higher.

Here's the deal: even if they give you the money, what guarantee is there that Obama or some future president won't sign the same document that Gorbachev signed, bringing an end to the USSR's final chapter in 1991? Then what? How about rising property taxes in areas with a growing economy that prices people on FIXED incomes like yours out of their homes because the taxes become very high in high-demand areas?

You can attempt to do what I'm doing. I have a part-time job, and I am attempting to get out of my apartment by getting into a travel trailer as my home. Or you could build a Tiny House on wheels for about $15-25K or maybe less. I'm not going to be tied down to a house, especially one I can't move easily. When land rent gets too high for your trailer in an overheated area, just head over to another state where it's cheaper. Remember, you can't take the house with you when you leave earth, physically or otherwise. I'd rather spend the money on an easy-to-maintain/clean moveable home and spend the rest on memories and adventures. You might be able to take those with you when you pass on. Don't quote me on this post-death experience, but that's my guess.
 
The banks and assorted lenders are there to relieve you of even more money than the actual transaction. The realtors generally are working for the sellers for a commission so they are helpful but also have to make a living.
What you may be happier with is the simple owner finance type situation. The owner carries the paper for the transaction. If you are paying interest- it goes to the owner.
I am not a realtor or an investor or any of that. A lot of the time I consider myself to be kind of a stubborn knucklehead. I hate to give the banks money. I do business with them but do not take out loans from them for real estate. Like deafdrummer pointed out the long term is too much plus all the costly demands they have for you
When I finally managed to save up some money I bought my first place owner finance. I did not screw up every part of it but I did make some mistakes. These are easy to avoid if you are patient and know what and how to avoid them. Like with everything else I learned the hard way. It would take a book relate all I am still learning on the real estate subject.
I have done these owner finance things with a board licensed experienced reputable realtor- that worked well. I have used a real estate lawyer as well - I do not say no just like everything thing else they can take you places you do not want to go and cost you all the way. My lawyer was right but I had to finally do something to calm the pissed off seller and ended up wiring his garage for him. That worked. I have done the whole transaction with just the Title Company and not the realtor or the lawyer. That worked.
The Title Company is your friend. They are your truest friend in these transactions. They are helpful in every way. They answer your questions with integrity, patience, and practical knowledge. The small amount of money they get for what they do in these deals is well worth it, do not do any deals without them. I have done a bunch of these things now over the course of time- I buy I do not sell, so that is all I know about. I have zero profit motive - mainly I try to not get the big weeny as part of the bargain.Whoa. Might be fun for some but not for me.
 
Last edited:
So I am wondering can one get mortgage while have no job, and being on SSDI if the person make 50-60% downpayment and still have enough savings to cover the entire mortgage payments for years to come.

Any advice or experience with this situation? Do you know where I find realtor or lender with experience working with deaf people like me for consultation?

Thanks!

get a job first.
 
That is good that you can put down 50% to 60% for a house. How will you get the rest? It seems like you have some income, but many banks frown upon people who count on SSI/SSDI as income. The best luck with your house hunting.
 
That is good that you can put down 50% to 60% for a house. How will you get the rest? It seems like you have some income, but many banks frown upon people who count on SSI/SSDI as income. The best luck with your house hunting.

rightly so
 
So I am wondering can one get mortgage while have no job, and being on SSDI if the person make 50-60% downpayment and still have enough savings to cover the entire mortgage payments for years to come.

Any advice or experience with this situation? Do you know where I find realtor or lender with experience working with deaf people like me for consultation?

Thanks!

If it was me I'd be so happy to extend you a loan, I don't have to worry about your being out of a job and unable to pay because of that :)
 
Back
Top