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Effect of gift money toward buying home on SSI

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Anonymous
Effect of gift money toward buying home on SSI

Under SSI, our current income limit is no more $3000 to continue receiving benefits for a special needs child. Recently we are planning the purchase of a home under FDA mortgage. With the help of family members offing gift money, we will show close to $7000 for a month or two before closing.

Question: will we lose SSI payment for those months over the imposed $3000 limit.

Hi there,

Hi there,
You may lose benefits as that money may be considered income for the months you receive it and a financial resource for the following months. You may want to contact a local SSA office regarding this as they can give you guidance specific to your case about buying a house.

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