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I'm on Social Security: Can I Get a Mortgage?

Updated on September 25, 2012

Will lenders approve me for a home loan while on Social Security?

One thing people aren't really thinking about when they get on social security (either disability or retirement) is whether or not they will be able to finance a new home later, without a fulltime job. But life doesn't stop happening just because you're collecting social security benefits. There are times that people do need to buy a new house (or refinance their existing home) even in retirement, or after they become disabled.

You can purchase a home and get a morgage while on Social Security.

How I Was Approved to Refinance a Home while on Social Security

Rates dropped dramatically after I was disabled. I didn't refinance my home, because I was afraid that I would be denied because I was drawing Social Security disability benefits (and didn't have pay stubs, or other proof of income). However, when rates were half what they were when I financed I decided it was worth trying anyway. I was approved by two different lenders. The underwriters on one team required me to submit my original Social Security Disability award letter, and the other only asked me to provide my tax information for the last three years.

Did you have to get a mortgage while drawing Social Security? - What were the requirements from your lender?

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