
Those receiving SSDI or SSI benefits who are planning to buy a new house might be doubtful as it might cause the halt of receiving their payment. Here’s the truth!
Those receiving disability benefits under the SSDI or SSI programs are not prohibited from acquiring a home or utilizing their monthly disability payments to finance the purchase of a home.
Can I Buy A Home With My SSI Benefits?
Supplemental Security Income, or SSI, is a government program for disabled people who have limited income and resources. Persons receiving monthly SSI benefits are subject to the Social Security Administration’s income and asset limits.
Because of these restrictions, recipients must exercise caution when making large purchases that may exceed their SSI asset limits and jeopardize their eligibility.
Individuals receiving SSI may be concerned that purchasing a home will render them ineligible for benefits because SSI limits the amount of assets beneficiaries can have. However, there are exceptions to this regulation, and your home does not count against those asset restrictions.
As a result, SSI users can buy a property while receiving benefits. But, the feasibility of doing so is another issue.
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Saving For Homeownership Using SSI

If SSI is your sole source of income, you will most likely struggle to make a monthly mortgage payment. Another significant impediment to owning a home on SSI is the program’s asset limits.
Borrowers normally need at least a 3% down payment and between 3% and 6% of the loan amount for closing fees in order to qualify for a mortgage.
This means that the cash you’ll need to buy a $200,000 home could range from $12,000 to $18,000. Even if you qualify for a no-down-payment mortgage, you’ll need at least $6,000 for closing expenses.
Those receiving SSI cannot have more than $2,000 in assets in order to continue receiving benefits. Couples are not permitted to have more than $3,000. Another issue for SSI users looking to buy a home is that most of the country has a severe shortage of affordable inventory.
According to the US Census Bureau and the Department of Housing and Urban Development, the current median sales price of a home in the United States is $467,700. While many places have entry-level homes for sale for far less than this, these types of homes are notably scarce.
It is often difficult to prepare for a home purchase without losing your SSI benefits. However, if you want to see if homeownership is a good fit for you, here are some programs and tools to help you get started.
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