i am single woman of 42 on ssi wanting to buy a home. a fixer upper,anything!! know of any programs avail??

Question

i was married for 15yrs. raised two great kids nd now that they are grown im being been evicted from the home that i thought was mine forever. my x who left 11yrs ago saying he was gay had promised me i had nothing to worry about. he said this was his place and i could live here as long as i wanted and it would always be our kids home etc. he said he paid taxes and rent but his mom says no on the taxes and not always on the rent. i do think he thought his mom would never want to sell it as we have always lived here and have remodeled it etc. she wants me out by end of the month or she is taking me to court. she is not even allowing us to stay the summer untill my son goes back to college to live in the dorm. she wont accept rent and she wont accept land contract. i have no savings and live on 600.00 a month. does anyone have any suggestions or know of any programs that will help me buy this place? help!

Answer 1

Nope. Your income is below the poverty level and presume you have no savings. To get a loan you'd need to qualify or have both a large enough down payment and a high credit rating to qualify for a loan that doesn't consider income.

Are you getting spousal support or child support (for kids under 19)? Perhaps it is time to take the ex back to court for more income. Often the courts will not let a spouse abandon a former spouse who is disabled.

You might also contact your local social services department to figure out how you can get low income housing.

But no, no one is going to sell you a house because you have no way to pay for it.

Answer 2

There are many programs available for low income earners. The trick to these programs lie with the fact that they are given to local cities or counties.

The other thing is most mortgage brokers don't know about them. Most of the time I would suggest that you contact a mortgage broker to get you pre-approved, however, in this case it probably will not work.

First of all call the city in which you want to live, ask for the housing department. When you get them ask about any programs available for low income individuals. Get the name of the program, find out if it is down payment assistance, 2nd mortgage or a program for closing cost. If it is a down payment assistance ask for the name of the program. Ask them to mail you a copy of the program. You will also have to ask them to mail you a list of lenders that you can use to get such a program.

If you reside in a small city you will probably find this program at the county. Make sure you call the county also, sometimes they have different programs.

If you want to live in a different city call each city you want to live in as these are city and county programs funded by the federal government. Each city has it's own program and list of lenders.

Once you have a list of the programs available call the lenders on the list provided by the city or county. They will give you the information about what they need you to bring as well as have you complete a loan application. Once the application has been completed and a credit check ran the lender will tell you if you are in fact qualified.

Normally for all the programs you will be required to have about 1-2% of the closing cost, and in some cases that can be borrowed or a given as a gift from a family member, a non-profit organization or church. Check with the lender when you contact him.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Contact your city and county governments HCD - Housing and Community Development office - you can navigate to that page from their website. Also check if there is a CDC - Community Development Corp. - in your area. Ask each agency if there are first time homebuyers programs available. They specialize in working with individuals and families under the poverty level.

Contact your local Chamber of Commerce and even the local newspaper (community affairs, business or locals editors) and ask them what programs they know of for home buyers with low-moderate income.

Consolidated Credit Counseling Services offers free literature to guide first time homebuyers. You can email [e-mail] or go to www.consolidatedcredit.org. I would start with your local gov. offices, and ask them for additional referrals.

There are revitalization and rehabilition programs for individuals that may afford you the opportunity to purchase your own home. It will take some research and persistance. But it is worthwhile. In the meantime, pay all your bills on time and maintain your credit.

Answer 4

Here is article that I wrotte about various programs for low-mid income families FTHB (First Time Home Buyers). These programs are national not only in California

"Special Loans help low income new home buyers get into a house"

I can help buyers obtain loans at good rates but not even I can help everyone looking to buy a home. I am putting this information here because there are those special cases that need special help like the help provided by special loan programs geared toward low and moderate income first time home buyers as well as teachers looking to purchase a home.
There is a state loan program that has already helped moderate-income buyers get into homes.

The 35yr mortgage, has been around for about 7 month, it offers fixed interest rate for the life of the loan and what makes it even more enticing, it offers interest only payments for the first 5 years. When compared to a traditional 30yr mortgage, it could boost borrowers’ buying power by $50,000 to $100,000.

Not everyone qualifies for this loan: Borrowers must qrualify as first-time home buyers (if you have purchased a home years ago but not owned one for years, you could qualify, check their guidelines), qualify within CalHFA’s income and home price caps, which vary by region.

This loan program offers below the market interest rates (currently around 5.75%), which is very helpful in today’s market that has shown continuous rising of interest rates. With the absence of this loan program many home buyers were already looking to stretch their purchasing power by obtaining riskier loans: interest only loans, variable loans with a 1 to 10 yr fixed rate period. These riskier loans don’t help borrowers build any equity. Borrowers simply hope that they will earn equity on their homes by relying on the hot real estate market. Today, it is a different story because home prices have begun to flatten out this fall after roughly doubling in the past 4 years. There might not be a bubble bursting as many predict but as I explained before we should expect far less appreciation if any in the coming years, but once again let me reiterate that no one can really predict exactly what will happen. If there was a small dive in the real estate market, many homebuyers with riskier loans will be at risk.

The best way for anyone but specially first time home-buyers and working families to build wealth as well as a safe financial future for their family is to get a fixed-rate loan instead of the riskier variable loans and consistently pay down the principal to continue building more equity.

Other types of programs offered by CalHFA are:

Low Income (helps low income families buy a home)
Extra Credit Teacher Program (ECTP loan program geared to help teachers buy a home)
Self-Help Builder Assistance Program (SHBAP)

Remember all these programs have income and home price limitation by regions.

Visit this website for more information:

www.calhfa.ca.gov 800-789-2432

If you are interested in any of these programs give me a call 408-505-6980 & I will put you in contact with a specialist on these loans (Spanish speaking as well)

Other similar programs available are the Acorn Housing programs.

These programs offered have lower interest rates, lower down payments and more.

Visit www.acornhousing.org or call me for more information.

I hope this information will help you if not pass it along to some one that does need it.

Answer 5

Go to: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

I copied the page and pasted it on here for you to see it. Check out the site - learn your way around it, there is alot of helpfull information on there. Good luck

This site is used to determine eligibility for certain USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

To learn more about a USDA home loan program, click on the Loan Program Basics link on the left side of this screen and select one of USDA's home loan programs.

To determine if a property is located in an eligible rural area, click on the Property Eligibility link on the left side of the screen and select a Rural Development program. When you select a Rural Development program, you will be directed to the appropriate property eligibility screen for the Rural Development loan program you selected.

To determine income eligibility of an applicant/household, click on the Income Eligibility link on the left side of the screen and select a Rural Development program. When you select a Rural Development program, you will be directed to the appropriate income eligibility screen for the Rural Development loan program you selected.

To find out how to apply for a Rural Development Loan, click on the Contact Us link on the left side of the screen and then select a Rural Development Loan program.

Answer 6

I know of several, but I can't refer you to any because I do not know where you live!

Answer 7

good luck with buying, if you're getting evicted!