What is the best way to buy a home with a low income?

Asked by sdanny578

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Is the home for yourself?

Some things to consider:
1. Contact your local public housing agency (PHA) and ask about HUD's Homeownership Voucher program. An offshoot of the Section 8 rental assistance plan, homeownership vouchers allow eligible low-income households to use their HUD subsidy, which is usually used to pay a portion of their rent, to make a monthly mortgage payment.
2. Ask your real estate agent about buying a HUD home. While HUD homes are generally offered at market-rate prices, you may qualify for a considerable subsidy if you are a teacher, firefighter, police officer or EMT.
3. Consult a lender who offers FHA-insured loans. While FHA products do not use low-income requirements, they do offer a more liberal underwriting process relative to conventional loans.
4. Consult your bank, credit union or broker about local government initiatives for first-time or low-income homeowners.

Here are some websites to review:
Housing & Urban Development (HUD)
http://portal.hud.gov/hudportal/HUD?src=/program_offices/comm_planning/affordablehousing/

Homeownership and Opportunity for People Everywhere (Hope I)
http://portal.hud.gov/hudportal/HUD?src=/programdescription/hope1

We invite you to discuss this in greater detail by sending us more information about your situation. No obligation.

It's not what you make, it's what you keep that determines your lifestyle. | 04.04.16 @ 16:44
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 18:41
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