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Can you still get a house loan while on welfare?

Is there some restrictions?

Answer Question
 
Anonymous

Asked by Anonymous at 11:35 AM on Apr. 15, 2010 in Just for Fun

Answers (10)
  • If you qualify for welfare you are not likely to have enough income to qualify for a loan.
    Anonymous

    Answer by Anonymous at 11:37 AM on Apr. 15, 2010

  • Most lenders go by your credit score, along with your income - if your only income is welfare, and your credit isn't great, or even if your credit is good, you'll likely not get it. If you have a steady job with decent income, and good credit, then maybe. But if you do somehow manage to secure a home loan/mortgage while on welfare, I dare bet you'll get kicked off of welfare in a heartbeat, as well as possibly have to pay some back. I wouldn't even attempt it.
    Anonymous

    Answer by Anonymous at 11:44 AM on Apr. 15, 2010

  • I really doubt it.
    Pnukey

    Answer by Pnukey at 12:18 PM on Apr. 15, 2010

  • I did!! When i bought my 1st house i quilifed fo $120,000 .. i ended up getting an adjustment mortage.. But i DO NOT recomend an adjustment mortage!!! Because every my hubbs got a raise, our payments would go up and we could never get ahead we were always JUST making it on time!
    Anonymous

    Answer by Anonymous at 12:29 PM on Apr. 15, 2010

  • YES you can still get a home loan while receiving welfare AS LONG AS you have a steady dependable income and will be able to afford the payments. People are on welfare for a lot of different reasons. My mom was a bartender/waitress for 5 years after she got divorced, she had to be on FS for awhile to get back on her feet, and also had all us kids on the medical card because her job's insurance was so expensive. She also never received child support. She wasn't on Food Stamps when she got her house loan, but she still had us on the medical card. All you can really do is try to find out. But if you are on welfare because your income is unsteady or not enough to live on, it's really doubtful that you would be able to get a home loan.
    srhmldndo

    Answer by srhmldndo at 12:32 PM on Apr. 15, 2010

  • OP HERE >>>UPDATE

    we went to the bank this afternoon and we DO qualify for a home loan ....

    welfare isnt our only source of income....and now our mortage payment will be lower than what we were paying for rent...so now we wont be using "your money"
    Anonymous

    Answer by Anonymous at 4:55 PM on Apr. 15, 2010

  • Will you still be on welfare? Cause if you will then you will be using our money.
    Anonymous

    Answer by Anonymous at 5:18 PM on Apr. 15, 2010

  • And people wonder why our taxes are so high.
    Anonymous

    Answer by Anonymous at 7:31 PM on Apr. 15, 2010

  • well thats what - we wont be using "your money" now means ...

    I dont know why you people are being so pissy.... we were doing something to get us off of the welfare system, you should be complaining...and just so you know - we pay taxes too !
    Anonymous

    Answer by Anonymous at 11:11 PM on Apr. 15, 2010

  • I wouldn't think so. Being on welfare means you don't have enough income to support yourself and loans of any kind go off income. But you do qualify for section 8 housing and could maybe get a house that way.
    SinaiJ

    Answer by SinaiJ at 2:58 AM on Apr. 16, 2010

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