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Thread: Looking for a home loan to buy a house

  1. #1

    Looking for a home loan to buy a house

    I am wondering if there are any home loan programs for disabled. Like a low income home loan program. You never know what is bullshit when you are reading some of these offers. I am wondering if anyone knows about a legit program. I work and am not on any kind of disability. I make ok money but I am still low income. Any suggestions?

  2. #2
    Habitat for Humanity will make one of their houses accessible if you qualify for their program, and if they are doing a project where you live. It is not free, but they arrange low payments for those who qualify.

    (KLD)

  3. #3
    Senior Member lynnifer's Avatar
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    That was going to be my only suggestion as well .. do you have family because I believe that's how you qualify.
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  4. #4
    I looked it up and I don't qualify. You have to be in a bad living situation or unable to afford your rent/mortgage. Neither apply to my situation

  5. #5
    It doesn't necessarily have to be "accessible". I can make those changes later. What I really want is to just buy a home. And yes, I have a son who is 17 and will be in college year after next. He will probably be living at home though.

  6. #6
    Talk to a bank & figure out what you qualify for. Do you have any $ for a down payment?

  7. #7
    I was about to suggest Habitat for Humanity, too.

    Rock solid credit, a down payment of roughly 20% (minimum) and a stable work history with minimal debt may lead to approval by a bank. Keep your expenses bare bones and sock away all the money you can for your dream house. Loans have become more difficult for the average person to secure given the economy of recent years.

  8. #8
    Super Moderator Sue Pendleton's Avatar
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    I don't see any help if you plan on staying in your current city. They just stopped a home buyer program. http://www.suisun.com/ I'd suggest, as LaMem did to start socking money away. Also get a current copy from all 3 credit score companies of yours and make sure it is correct. DO NOT start cancelling credit cards you are current on or have no balance. Having them represents a responsible past. Get an idea of costs of the type of home you want (condo, townhome, single family) and general area. Then go talk to a bank representative where you have an account. Ask what you would currently qualify for with them and with others and any ideas they have to improve your chances of successfully buying a home and also what range you now qualify for and, again, how to up your price range short of a rich uncle dying. If your main aim is to break into home ownership and you have the nerves and can break a lease with maybe 60 days notice you might get something nice in a short sale/foreclosure if your credit is good. Do pay a very good home inspector before closing if you go this route as most are sold 'as is'. A bank rep will normally be happy to help if you come in with credit scores and current bank statements and ideas on your needs versus wants. I'd also find out what closing costs run in your area/state. You should be able to Google up this kind of information. The minute you talk to a realtor you will acquire a shadow that can be rather pesky to get rid of.
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  9. #9
    Senior Member skippy13's Avatar
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    Look into Homepath.com. They offer three percent down on foreclosed on houses in varying condition. I saw one on an acre in Hawaii for about 79 thousand. Some of the houses in cities go for as little as 10 thousand bucks. Many of them need work, but if you are going to do modifications anyway, what the heck?

    I looked up suisun ca on the homepath network, and they have decent places starting at just 134 thousand. Can't beat it for that area.
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  10. #10
    Check with your city housing department. Many cities, especially with a glut of vacent or foreclosed homes offer programs to encourage neighborhood reinvestment. There will be requirements, most likely you'll have to sit through a class, pledge to live in the house for a period of years (3 to 5 standard) and that you'll maintain or improve the property. Programs vary from city to city, some are low/no interest loans, some are grants if you meet criteria. Your very best bet is to contact a realtor, who based on your situation will send you to the appropriate lender for financing pre-qual. I use a couple of source, if you look GREAT on paper, a standard bank, if there is wonkiness (like disability-induced changes in income) I have a private banker (local) who has more lee-way especially in underwriting.
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