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But if you intend to apply for special loan products, it’s important that you have some sort of certification from a recognized medical institution. Ways You Can Spend the Funds. Most dealersdon’t dictate how the money can be used. As such, you may decide to use the money in some of the following ways.
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September 11, 2012 – There are new rules from the FHA that affect howSecurity benefits can qualify for FHA mortgage loans. In August of 2012, the Federal Housing Administration revised its guidance to lenders regarding the verification of Social Security Income to qualify for FHA mortgages.
HOW DOES A LOAN AFFECT MY SSI BENEFIT? If you enter into a valid loan agreement, the value of the cash or item you receive is not income and does not reduce your Supplemental Security Income (SSI) benefit.. However, any funds that you borrow which you do not spend in that month will count toward your SSI resource limit of $2,000 for an individual (or $3,000 for a couple) the next month.
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