Many people in Kentucky who are on Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits wonder if buying a home is within their reach.  Many are also concerned that the mere fact of owning a home may affect their benefits going forward. The truth is that many people on SSDI and SSI benefits do qualify to buy a home. Yet as you can imagine, there are some hurtles to do so.

What are some of the challenges? Understandably, the benefits for SSI are low and it may seem almost impossible for some to save for a home while trying to make ends meet.  Those receiving SSDI benefits aren’t sure how long those benefits will last.  This makes it difficult to prove a stable income for getting a loan.

The other challenge is that SSI rules put a limit on how much income and assets you can have while receiving benefits.  So there’s a fine line between making or having enough to save for a home and retaining benefits. But the good news is that the home itself is not considered an asset, as it’s your primary residence. 

All this may make the idea of buying a home while on SSI and SSDI benefits seem almost impossible.  But it’s not. There are a number of programs that can help.  For example, Fannie Mae offers loans for people with disabilities.  Here’s some examples:

  • Fannie Mae loans for disabled individuals
  • Individual Development Account (IDA)
  • Habitat for Humanity
  • Housing and Urban Development (HUD) Homeownership Voucher Program

There may also be some nonprofits in Kentucky that can help as well.

The bottom line is that if you are on SSI or SSDI and are considering buying a home in Breckinridge, Hardin, or Meade Counties in Kentucky, give us a call at 270-422-4687 to see how we can help you find assistance.