What is the best way to buy a home with a low income?
Answers | 1
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)
Homeownership and Opportunity for People Everywhere (Hope I)
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