To apply for a home purchase using Social Security, first, verify eligibility for homeownership programs that accept Social Security income, such as Federal Housing Administration (FHA) loans or state-specific grants. Secure pre-approval from a qualified lender by submitting proof of Social Security benefits, tax returns, and income statements. Complete a mortgage application with these documents, and if approved, finalize the purchase through closing under the agreed terms. Consult a housing counselor or financial advisor to navigate requirements and ensure compliance with eligibility criteria.

Social Security benefits can be used as income to qualify for mortgages, but lenders typically require additional documentation to assess stability and repayment capacity. According to the U.S. Department of Housing and Urban Development (HUD), approximately 30% of FHA borrowers in 2022 relied on Social Security as a primary income source, reflecting its role in supporting homeownership for retirees. The Federal Housing Finance Agency (FHFA) reports that conventional loans approved for Social Security recipients increased by 15% from 2021 to 2023, driven by relaxed underwriting standards for stable, predictable income streams. However, approval hinges on debt-to-income (DTI) ratios, which must remain below 43% for FHA loans and 36% for conventional loans. Data from the National Reverse Mortgage Lender Association (NRMLA) shows that reverse mortgages, often paired with Social Security, enabled 6.2% of U.S. homeowners over 62 to purchase properties in 2023. These programs highlight the intersection of Social Security benefits and homeownership, supported by federal initiatives to expand affordable housing access for vulnerable populations.