Can you own property on SSD?

It will take me a few years to pay down debts and build savings, but I want to own my own townhouse. Still building credit, but it's a goal of mine. I just wonder if being on disability will ruin that goal.

I do not think the fact that you receive SSDI per se will hamper your owning a home; however, you will need enough monthly income to "qualify" for your mortgage.

If you have enough monthly income (and any needed down payment) to "qualify," you can likely purchase a property. Remember that condos also have monthly condo fees and those figure into the monthly payment (in addition to the mortgage) when financing a condo.

In my state, we have a "Land Trust," which sells properties for less than their market value; yet, when you sell, you must share a portion of your home equity profits with the Land Trust. This makes homes more affordable to those needing affordable housing. You might be interested in whether your state has a similar program.

I hope your dream of owning works out for you!



WC

Yes you can own property. It's just about earning enough to qualify for your mortgage.

owning your own home is called having "assets" a person on SSI and SSDI can have a certain amount in "Assets" if your home has been assessed at being worth more than the amount allowed for assets monetary value then you will be denied or cut off SSDI. why because Social security figures if you have that asset you could sell it, use the money received to support yourself by renting or buying a cheaper home, food, clothing that you may need.

my suggestion is contact your social security department. they will be able to tell you how much "assets" you can have and still receive SSDI

Social Security Disability Income is not "means tested" (as is SSI.) Owning a mansion on 10 acres would not disqualify you from receiving SSDI, if that is what concerns you. You can acquire all the assets you are able to.

If SSDI is your sole source of income, then I don't see how you will be able to afford to buy a home, even a small town house.

You are allowed to work part time and earn some money, without losing SSDI. That might help you to achieve your goal.

Definitely. Hubby and I just bought a house and we are both on disability. But, yes, you need the money to pay the mortgage.

I hate to be a downer but if you are single and just only getting SSDI that is not a good idea. My grandmother is in that boat because my grandfather passed. She is struggling month to month on SSDI. Her house is older now and needs work. Then think about when storms happen and a tree hits your roof and your insurance says it’s not covered. My mom went through that. Every summer my grandmother is stressed about paying someone to cut her yard twice a month. She use to cut her own yard until her health got bad. Do what ever you choose I just wanted to forewarn you.

What Assets Count Toward the SSI Asset Limit
cash.
money in a checking or savings account.
cash value in life insurance policies (over $1,500)
stocks and bonds.
household goods and personal effects (over $2,000)
motor vehices (except for one), and.
real estate (other than the home in which a claimant resides).

Rent is so high I don't know what I could do. I inherited a house, but have no money to maintain it, but at least it's a place to live.

I've heard that owning can be more expensive and more of a hassle than renting. If something breaks in my place, maintenance fixes it, and I don't have to pay any extra. If you're on disability, how will you afford it if your home needs some major work done?

Well I'm on disability and work part time. I'm running numbers to see if it's something I can do. Right now even applying for a mortgage is 6 months out due to bankruptcy and just starting my job. This is motivating me to start a saving plan, otherwise I've just been living hand to mouth really. I can cut corners and put money aside.

Also my brother has friends who can do repairs for less money. I know if big things break like water heaters, etc. That could be a problem. But my brother works for a company where I can get most appliances at cost. I have credit cards, and am building my savings. If goes according to my plan I can have about 9K in two years saved. Starting this month.

If you have significant debt, then putting cash into savings (beyond a little emergency money) might not be the best way to increase your net worth. You are paying interest on your debt, I would suppose. So getting rid of that debt should come before stashing money into a savings account.

To find your net worth, simply subtract how much you have in savings from how much you owe. Right now your net worth is below zero. Do look at the interest rates you are paying on your debts. Credit cards often charge 24%. If you have any debt like that, you want to get out from under it, before you can seriously consider buying a home.

Ask yourself, also, what you think buying a townhouse will do for you. Consider the annual property tax. What community fees might there be? Then, of course, there is on-going maintenance expenditures. Thinking you can depend on your brother's friends to work cheaply for you sounds a bit naive to me.

Of course, dreams die hard. Look at all of your options, though, while you're dreaming. Go to your local housing authority and get on the waiting list for subsidized housing, if you are eligible. You don't have to ever use that option, but you might be glad of it one day. In my city, there are small townhouses that low income people with a HUD subsidy can rent.

I owe 500 on two credit cards. Not much but they are nearly paid off. I'm making payment to them every month more than the minimum, and have started to save. I am on waitlists for subsidized housing. But don't like the units mostly. I can stay with mom build up my credit, save, and buy my own place in two years. That's the way to go. My dreams come true. Where there's a will there's a way.

Go for it. It may work out.

Pay yourself first , meaning put x amount monthly in a savings acct ... it’s always best to have some padding Incase of unexpected expensives like car trouble or xtra medical bills.

If anyone wants an idea of how much house they can afford on their SSDI benefits and monthly supplemental income, send me a message and I'll give you some rough numbers. I'll need your SSDI monthly benefits, your monthly supplemental income (must be under $1180 to maintain your SSDI eligibility), the mortgage interest rate and how much of a down payment you're able to make on your mortgage.