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Can my Grandmother qualify for a loan on SS income. She has good or no credit, debt free and has never bought anything. If her income is not enough for a loan of 150k, can she use someone else income WITHOUT the person applying for the loan jointly? Like can they sign a affidavit or support?
thank you for answers.

3 Thoughts on Can someone who is retired and receiving SS buy a house?
  1. Reply
    January 19, 2013 at 8:56 am

    Not trying to be judgemental here, but if she doesn’t qualify for the loan because she doesn’t have enough income, that probably means she can’t afford it.

    I have been out of the mortgage business for a few years, but to the best of my knowledge, in order for another person’s income to be considered for purposes of a loan application, that person would also have to apply for and be approved to be on the loan.

    Sounds like you need to go to a mortgage broker. With the slow down in the mortgage business right now, I’m sure they will do absolutely everything possible to get a loan approved as they need the business. If you don’t know of a good mortgage broker in your area, ask your realtor for a referral.

  2. Reply
    January 19, 2013 at 9:17 am

    I seriously doubt that she would qualify for a loan that would be big enough to purchase a home with unless she had a large amount of other income.
    No, she can not use somebody’s income without that person signing the mortgage note(a co-signer).

  3. Reply
    mortgage underwriter
    January 19, 2013 at 10:13 am

    An affidavit of support means diddly squat to me. In order to use income, the person would have to be on the loan.

    Why would you want your grandmother to get in over her head? That’s why a lot of the foreclosures are foreclosures. Borrower’s purchasing over their head.

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