My husband is a county employee (corrections officer) and Fillipino (1st generation in the states). We are 4 years out of bankruptsy and are desperate to buy a home for our family but even when we cut every corner, there just isn't enough at the end of the month to put aside for a house. The townhouse community we want to move to has an average selling price of $160k with $3k in taxes a year. With association fees, mortgage and escowing of taxes we're looking at a payment of $1500 a month. We need help with a down payment to keep our monthly payments affordable.
Do you know of any non for profits that help with down payments?
HELP!!!
Thanks!
2006-11-11 15:31:19 · 5 answers · asked by Crazymom 6 in Business & Finance ➔ Renting & Real Estate
We aren't so broke that we would qualify for Habitat for Humanity. We do have some money in savings ($6k) but want to keep that for the what ifs in life...
2006-11-11 15:39:34 · update #1
Go here for information on downpayment assistance for any state in the nation.
http://www.downpaymentsolutions.com/type2.shtml
2006-11-11 20:33:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, there are many programs available that will help with down payments and/or closing costs. For details about these GRANTS, browse to this section of this website for first time home buyers:
http://www.first-time-home-buying.net/down-payment-grants.html
However, it sounds like you might have quite a problem here. If the home you have set your sights on is that expensive, it might be difficult to qualify for a mortgage loan. Perhaps there is local governmental aid available. Talk with a few local lenders - they might be able to guide you to a good source.
But do be VERY wary of making yourself "house-poor." Living on the edge because your housing payment consumes most of your income (just because the bank WILL loan you a large sum doesn't mean you SHOULD borrow that amount. Perhaps the lender gets some governmental guarantee, and will get their money back even if you default, so they don't really care if you can make the payments or not.) is a most uncomfortable way to live. Can you consider a less expensive home for now?
2006-11-12 02:40:34 · answer #2 · answered by PLS 2 · 0⤊ 0⤋
Avoid going into bankruptcy again. I used to work at a consolidation company and what you're describing in my opinion isn't good. You guys really need to have savings before going into something big like this (3-6 months worth of bill payments). Then save up for the house. By doing it this way you not only have a safety net but you also prove to the banks that you're reliable and have been saving up for this purchase. The programs out there right now will rob you with the high interest rate. Save yourself the pain and hassle and wait it out. You'll be happy that you did.
2006-11-11 23:45:58 · answer #3 · answered by Michael 2 · 0⤊ 0⤋
Habitat for Humanity will allow you a down payment for the sweat equity that you put in your own and other's houses.
If you receive money from a not for profit for your house, that is taxable income, so it may not help.
I'm concerned that if you're this tight now, if you have one problem with the house, needs a new roof, hot water tank busts, you'll end up back in bankruptcy court - if it's that thin, your finances are telling you that you can't afford this house - sorry.
2006-11-11 23:36:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i wish i would then i could have taken advatage of this . You could probably qualify as a first time home buyer and have the down payment configured into your mortgage
2006-11-11 23:33:57 · answer #5 · answered by silverearth1 7 · 0⤊ 0⤋