Jul
10
2012
By Guest (not verified)
Can a person on SSI buy a home?
Not affiliated with the US Social Security Administration
Can a person on SSI buy a home?
Not affiliated with the US Social Security Administration
Can someone on SSI buy a home?
A person who owns a home and lives in that home can be eligible for SSI benefits. This is because the home you live in is not a "countable" asset.
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/104
http://www.ssa.gov/ssi/text-resources-ussi.htm
However, this seems to be case for those folks who begin SSI after already owning a home. It may be difficult for folks to build up a down payment for a new home without exceeding the $2,000/$3,000 in cash which SSI allows.
It may be possible for a relative to gift the down payment, but I would proceed with caution in this area.