How and What is required to get an FHA loan for first time home buys on SSI?
- Asked By: MoneyTactics
- Category: FHA Loan
I am looking to buy this house next to me that is $14,900. What are the requirements and HOW do i get an FHA Mortgage Loan as a first time home buyer being on Social Security?
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I am looking to buy this house next to me that is $14,900. What are the requirements and HOW do i get an FHA Mortgage Loan as a first time home buyer being on Social Security?
Incoming search terms:
Other Questions
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
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spalmer
Posted 3 months ago
You get a mortgage by contacting a lender and getting approved. They’ll tell you what documents they need (they’ll run a credit check, look at your income, look at your debt, etc.).
The big problem that you are going to have is finding anyone who will give a mortgage for under 15k. In my city, that’s unheard of. There are only two lenders in my area who will loan less than 50k and only one that will loan 15k on a 10 year fixed mortgage (and it’s not FHA).
Typically these houses (priced this low) are for cash-buyers only because it’s impossible to obtain a mortgage for this little amount of money. I would start by contacting lenders in your area, or going to their websites to find out what their minimum mortgage amount is… then you’ll know if you should make an appointment. Good luck to you.