Why does our government allow FHA lenders to deny virtually all those on SSI ?

Posted on Aug 14, 2012 in FHA Information

Question by Good Guy: Why does our government allow FHA lenders to deny virtually all those on SSI ?
Why does our government allow FHA lenders to debt virtually all those on SSI ?
Doesnt matter if you have thousand down for a down payment you still get denied.
2 minutes ago – 4 days left to answer.
Additional Details
You cant even get into Detroit where you pay 3 grand down and pay 20 bucks a month , medical side effects they aint leaving the poor nothing all the good stuff will be solf to the capitialist hell the poor man has nothing out here and is sometimes better dead there isnt **** our here.

Best answer:

Answer by Lori O
FHA means the government backs the loan. However, information pills if you were to default, approved the mortgage company would still have to cover the costs for all the legal fees. Because of this, they are still pretty picky. Different lenders will have different requirements. You have 45 days from an original loan application to have others and only ding your credit once. Try applying elsewhere.

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  1. They deny anyone who has only $ 1000 for a downpayment. They are not discriminating against those on SSI. Everyone, whether on SSI or not, needs a much large downpayment to get any home loan.

  2. Oh C’Mon, SSI means you are broke. Why would anyone loan to a broke person. A house is not just the mortgage payment. It’s also utlities, maintenance, proprty taxes and insurance.

    Despite all appearances, the government isn’t required to buy you a house.