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Thread: Yearly earnings

  1. #1
    Featured Member wish's Avatar
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    Default Yearly earnings

    I get ssdi. Since I do my student loans were forgiven as long as I don't have a full time job. I can work part time but have to make under $20 k doing so. As I've stated before I'm trying to buy my first house. I can gadge my own earnings while camming but will it hurt me in the long run.

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    Default Re: Yearly earnings

    You're going to try and finance buying a house when your tax return says you make under 20k a year? I think you might have some difficulty with that....

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    Featured Member wish's Avatar
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    Default Re: Yearly earnings

    Quote Originally Posted by audrey_k View Post
    You're going to try and finance buying a house when your tax return says you make under 20k a year? I think you might have some difficulty with that....
    Lol noooo! That's additional income from my part time income.

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    Default Re: Yearly earnings

    ^I think you need to better explain your situation. You can't make more than 20k from your part-time job to ensure your student loans are forgiven, or you can't make more than 20k period? I'm assuming it's the latter, because why would they forgive your student loans if you're financially able to pay them off (ie. making over 20k from all income streams)?

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    Featured Member wish's Avatar
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    Default Re: Yearly earnings

    With my ssdi, child support and camming I'll make $40,000 a year before taxes. Because half of it is ssdi and child support my student loans have been forgiven. But I'm wondering if working part time (camming or vanilla job) will bite me in the butt later.

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    Default Re: Yearly earnings

    I believe the 'problem' is that eligibility for full SSDI payments, and indefinite deferral of student loan payments, is contingent on an eligibility requirement that the person not earn more than $20k per year. Earning more than that will cause SSDI payments to be reduced or terminated, and may also reinstate student loan repayment obligations. As such, earning more than $20k per year can potentially open a 'Pandora's Box' of negative financial consequences.

    As to attempting to get approved for a mortgage based on an 'insecure' $20k in part-time income plus another $20k in SSDI, child support payments, etc., to say the least this is going to be an 'uphill' battle. The first hurdle will be finding a way to save up a $20k+ down payment without exceeding the maximum earnings limit to maintain SSDI and student loan deferment eligibility !!!

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    Default Re: Yearly earnings

    Quote Originally Posted by wish View Post
    With my ssdi, child support and camming I'll make $40,000 a year before taxes. Because half of it is ssdi and child support my student loans have been forgiven. But I'm wondering if working part time (camming or vanilla job) will bite me in the butt later.
    I don't see how it wouldn't... it's not like you can separate the two, it would just be added to your annual income, I mean there are tons of single moms out there who aren't getting child support or government benefits and are just working their ass off on cam so it shouldn't be different for them. It sounds like you're trying to find a way out of paying for your student loans, but the downside to doing that is that you can't buy things like a house.

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    Default Re: Yearly earnings

    Quote Originally Posted by Melonie View Post
    I believe the 'problem' is that eligibility for full SSDI payments, and indefinite deferral of student loan payments, is contingent on an eligibility requirement that the person not earn more than $20k per year. Earning more than that will cause SSDI payments to be reduced or terminated, and may also reinstate student loan repayment obligations. As such, earning more than $20k per year can potentially open a 'Pandora's Box' of negative financial consequences.

    As to attempting to get approved for a mortgage based on an 'insecure' $20k in part-time income plus another $20k in SSDI, child support payments, etc., to say the least this is going to be an 'uphill' battle. The first hurdle will be finding a way to save up a $20k+ down payment without exceeding the maximum earnings limit to maintain SSDI and student loan deferment eligibility !!!
    You don't always have to out that big of a down payment down. I was speaking with the agent who leased my rental for me and was speaking of just selling( since I had to out close to 30,000 in it after my old tenants) and I said but no one can get approved anymore and who has 10-20 grand . She said Oh you don't need that. I'm selling 10-20 properties a month and some are putting down 3% some nothing at all. If she buys a condo for say 50,000 she won't have a problem. Also I don't know anything about being on disability or whatever and student loans though. Yeah definitely sounds like she doesn't want to pay them back. Also wonder why someone's on assistance who's able to go to school and cam. Some days I can barely get out of bed but I'm not on assistance. Just saying...

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    Default Re: Yearly earnings

    If it is your first house, your would most likely qualify for an FHA loan. You would only need to put down 3% for the down payment. So if you qualify for an $80,000 loan you need to pay $2,400. Not a lot to have to save. Doesn't sound bad until you get into details. When you put less than 20% down your mortgage is a risk for the bank. So you HAVE to pay for PMI (Private Mortgage Insurance). It is an extra $30-70 per $100,000 until 22% of the principle is paid. You would end up paying an extra $360-840 a year, and it isn't going toward your principle payment, so once it is paid it is gone. If you don't mind that, you then get into the inspection requirements. You find a house you love, minor things wrong with it (let's say chipping paint on all the doors and window sills) in the inspection. Seller won't fix it, so you cant get it. FHA inspections are super strict. Every defect must be fixed before you can close and move in. But if you up your down payment to 5% ($4,000) you still have to pay PMI, but it is no longer FHA and minor issues won't keep you from getting the house.

    I do think that it is worth repeating what Melonie said though.
    Quote Originally Posted by Melonie View Post
    As to attempting to get approved for a mortgage based on an 'insecure' $20k in part-time income plus another $20k in SSDI, child support payments, etc., to say the least this is going to be an 'uphill' battle.
    Don't take this as meaning you can't qualify. You may just qualify for less than what others with similar vanilla based incomes qualify for. Possibly $30k-40k. It is also another reason to put down at least 20%. You become a 'safer' person to loan to when you have more to put down upfront. You need to keep good records of earnings, not only for SSDI, but they will be important for the mortgage process. Keep all papers you receive about your loans (whether you pay them or the state does) they may be needed in the mortgage process also.

    When it comes to SSDI you'll need to stick strictly to the earning limits. If you go over the limits, you will not only have benefits cut, but they will assess repayment fees for anything overpaid. I was on SSDI when I was younger. It was a constant balancing act. I went to my yearly recertification and got screwed. My social worker the year before hadn't submitted a single paystub I gave her. So I did still qualify, but I owed thousands. I just went up to working full time to pay it off quicker and realized I made about the same once I got done paying it off and got to keep my whole check. Ya I didn't have as much free time, but it was worth it to have independence and not have the state constantly in my business. Keep in mind, any money you are trying to save toward a house could potentially be considered income. I remember having to submit my banking info because once assets (bank accounts, houses, cars) reach a certain amount/value you will not qualify for assistance. You would have to ask your case worker what the limits are.

    Depending on the earning potential from camming, it is possible that it may be easier to just cam a few extra hours and make more. Having a child means that you would still qualify for all sorts of grants, loans, and tax relief to continue your education even if you don't qualify for government assistance.

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    Default Re: Yearly earnings

    Quote Originally Posted by michele11 View Post
    You don't always have to out that big of a down payment down. I was speaking with the agent who leased my rental for me and was speaking of just selling( since I had to out close to 30,000 in it after my old tenants) and I said but no one can get approved anymore and who has 10-20 grand . She said Oh you don't need that. I'm selling 10-20 properties a month and some are putting down 3% some nothing at all. If she buys a condo for say 50,000 she won't have a problem. Also I don't know anything about being on disability or whatever and student loans though. Yeah definitely sounds like she doesn't want to pay them back. Also wonder why someone's on assistance who's able to go to school and cam. Some days I can barely get out of bed but I'm not on assistance. Just saying...
    Yes I spoke with an agent who told me about some grants I qualify for and FHA loans for first time home buyers. I was just thinking of camming to get furniture.
    Also my disability wasn't diagnosed until after graduation. My camming would be extremely limited due to many many factors!

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