Saturday, January 20, 2018

Plumbing Fixes You Can Complete

11 Plumbing Fixes You Can Do

11 Plumbing Fixes You Can Complete When I tell people that there are few reasons to call a plumber, they are usually doubtful. Today I want to show you 11 Plumbing Fixes You Can Complete on your own! Whether you have a leaky faucet, a slow drain, or a malfunctioning toilet —today you’re going to […]

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Friday, January 19, 2018

Buying a House on Disability Benefits or SSI

The complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits leave many people wondering not only if they can buy a home, but if buying a home will, in turn, affect their benefits in the future. The short answer is many people who receive SSDI and SSI benefits can and do qualify to buy a home, but will also likely face some additional hurdles unique to receiving these benefits.

How does SSI work?

SSI serves as a stipend resource for people with limited income who have a physical disability, and are 65 or older. These benefits are paid out monthly at the current rate of $735 for an individual and $1,103 for a couple, as of January 2017.

With a limited monthly income, it can seem incredibly difficult to save for a home while also covering ongoing household needs. According to 2017 Zillow data, 68 percent of renters cited saving for a down payment as the biggest hurdle to buying a home.

How does SSDI work?

SSDI is a resource available to those younger than 65, but it also requires work credits, meaning you must have worked enough during the years prior to applying for SSDI. While people receiving SSDI can face additional hurdles when trying to buy a home, they aren’t bound by the same income restrictions as people receiving SSI.

The problem, however, is that neither lenders nor recipients of SSDI benefits know how long the benefit income will last. In turn, it’s difficult to assess whether recipients have stable income – the Social Security Administration (SSA) only provides proof that people are actively receiving benefits instead of guarantees for the future. The SSA performs regular reviews of SSDI cases for continuance.

Buying a house on SSI

Buying a home while on SSI comes with its own set of unique challenges. Most notably, SSI rules limit the amount of income or assets you can have while remaining eligible for benefits. As a result, having enough money to buy a home – but not too much that you lose benefits – can be a fine line.

Because people on SSI can’t have assets valued at more than $2,000 as an individual or $3,000 as a couple, saving up enough cash for a down payment to even consider buying a home is difficult. On the bright side, not all assets count toward those limits. Case in point: The home you live in is considered your primary residence and is not considered an asset.

Although you might face additional challenges, buying a home on SSI is still possible.  Lenders look at your income and credit score, just like they would with any other loan applicant. But even if your credit score and income aren’t up to par, there are programs in place to help you get into a home. Need to find a lender? You can use Zillow to quickly find a lender who’s licensed to work in your area.

If you do acquire a home loan, it doesn’t count as income and doesn’t reduce your SSI benefits.

Find help

You can find many SSI housing resources when you’re thinking about buying a home. For instance, Fannie Mae offers loans for people with disabilities and loans to make necessary home improvements for your disability. Here are some examples:

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

While many paths to homeownership exist for people with disabilities, see if any local nonprofits in your area offer additional support. Make sure to consult with a lender who has experience with SSI or disability benefits.

Photos courtesy of Shutterstock.

Related:


Buying a House on Disability Benefits or SSI posted first on https://twilighthomesnm.wordpress.com

Buying a House on Disability Benefits or SSI

The complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) benefits leave many people wondering not only if they can buy a home, but if buying a home will, in turn, affect their benefits in the future. The short answer is many people who receive SSDI and SSI benefits can and do qualify to buy a home, but will also likely face some additional hurdles unique to receiving these benefits.

How does SSI work?

SSI serves as a stipend resource for people with limited income who have a physical disability, and are 65 or older. These benefits are paid out monthly at the current rate of $735 for an individual and $1,103 for a couple, as of January 2017.

With a limited monthly income, it can seem incredibly difficult to save for a home while also covering ongoing household needs. According to 2017 Zillow data, 68 percent of renters cited saving for a down payment as the biggest hurdle to buying a home.

How does SSDI work?

SSDI is a resource available to those younger than 65, but it also requires work credits, meaning you must have worked enough during the years prior to applying for SSDI. While people receiving SSDI can face additional hurdles when trying to buy a home, they aren’t bound by the same income restrictions as people receiving SSI.

The problem, however, is that neither lenders nor recipients of SSDI benefits know how long the benefit income will last. In turn, it’s difficult to assess whether recipients have stable income – the Social Security Administration (SSA) only provides proof that people are actively receiving benefits instead of guarantees for the future. The SSA performs regular reviews of SSDI cases for continuance.

Buying a house on SSI

Buying a home while on SSI comes with its own set of unique challenges. Most notably, SSI rules limit the amount of income or assets you can have while remaining eligible for benefits. As a result, having enough money to buy a home – but not too much that you lose benefits – can be a fine line.

Because people on SSI can’t have assets valued at more than $2,000 as an individual or $3,000 as a couple, saving up enough cash for a down payment to even consider buying a home is difficult. On the bright side, not all assets count toward those limits. Case in point: The home you live in is considered your primary residence and is not considered an asset.

Although you might face additional challenges, buying a home on SSI is still possible.  Lenders look at your income and credit score, just like they would with any other loan applicant. But even if your credit score and income aren’t up to par, there are programs in place to help you get into a home. Need to find a lender? You can use Zillow to quickly find a lender who’s licensed to work in your area.

If you do acquire a home loan, it doesn’t count as income and doesn’t reduce your SSI benefits.

Find help

You can find many SSI housing resources when you’re thinking about buying a home. For instance, Fannie Mae offers loans for people with disabilities and loans to make necessary home improvements for your disability. Here are some examples:

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

While many paths to homeownership exist for people with disabilities, see if any local nonprofits in your area offer additional support. Make sure to consult with a lender who has experience with SSI or disability benefits.

Photos courtesy of Shutterstock.

Related:


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8 Minimalist Homes That Are Big on Style (Not on Stuff)

These 4 Clever Hacks Give New Life to Household Junk

We all have a junk drawer bursting with items we can’t bear to throw away. But with these simple hacks, you can turn household junk into fun and functional items for your home.

Low-key wall hooks

We gotta admit: There’s something charming about turning old keys into hooks for your current keys. But the real appeal? Never losing your keys again. (You’re welcome.)

“Put a cork in it” mini planters

Succulents can thrive almost anywhere, including on your fridge. Our recommendation: Make several for maximum visual impact.

Mint-condition earbud case

Some packaging is just too pretty to get rid of. Not only does this earbud case fit almost anywhere – including your purse, gym bag or nightstand drawer – it’s also super easy to make.

Game, set, match jar

Keep this match jar close to your favorite candle for some instant relaxation. Now that’s a perfect match.

Related:


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How to Have a Happier Winter Home: Hygge-Style

Anne Chessin Designs When it’s chilly outside, there’s no cozier place than inside. Am I right? Yes, I miss the sunshine as much as anyone. But I don’t seem to mind the weather as long as I can stay home. :). You may have already made this observation about me, but I’m always quite into […]

This article How to Have a Happier Winter Home: Hygge-Style is from The Inspired Room Republishing this article in full or in part is a violation of copyright law. © 2009-2013, all rights reserved.


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Thursday, January 18, 2018

Winter Housewarming Essentials

Gone are the days of a soft breeze, light sweaters and colorful leaves, well for now anyways. But don’t fret, because there is no reason you should have to freeze over the winter season. It’s time for you to slip into your cozy socks, light the fire and make a cup of your favorite hot cocoa. However, to ensure you stay warm all season long, give these winter time essentials a shot.

 

What goes perfect with cuddling up on a plush and luxurious sofa? The IbrahimOpens in a new windowfaux fur throw blanket of course. Its fabric is truly a dream.

Light brown faux fur throw blanket dangled over a ladder next to a window.

Want the warmth without the hassle? No problem, the ObersonOpens in a new windowreclining sofa is also exceedingly soft to the feel and with the right accent pillows and blankets, we’re sure you’ll never want to stand again.

 

Are you all about the warmth of rustic knick-knacks and accents pieces? Good thing we have these primitive decorative trays and baskets. They are the perfect addition to complete an earthy feel in your home.

Share your winter hideaway with us using the hashtag #MyAshleyHome and you could be featured on our Instagram.

Happy winter!

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