we are a low income family. right now we are in a home thats a land contract but the taxes are way too much here. so we gotta move but we dont have a lot of money. i have heard of a thing called HUD that helps with rental assistance and also offers home loans for low income families with cheap mortage and little or no interest. does anyone know how i can contact something like that? i live in michigan
2007-01-11 15:44:31 · 7 answers · asked by jessica_6902 2 in Business & Finance ➔ Renting & Real Estate
HUD does not do its own financing directly to consumers. They do block funding, which means they designate an area eligibile and then give a large grant to some branch of the local city/country government program doles out the money and determines who is eligible. I received $10,000 toward the purchase of my first home under a HUD program. I live in a neigbhorhood that is horrible but the reason HUD designated it in the first place was to try and bring the neighborhood back from the brink and re-seed it with people who owned their own homes. Check with your local city zoning/housing office to see if any area close to you is designated for block grant funding or maybe it's listed on the HUD website.
A good program for you to check out also is www.naca.com.
They are a non-profit housing advocacy group that does their own fixed rate mortgage lending. They got their money from suing a bank for predatory lending and winning. Now they use that money to help people get their first home and achieve the American dream.
good luck!
2007-01-11 15:53:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
hmmm.. First, ascertain you are able to truly have sufficient money a house (no longer only a value).. consider taxes, insurance, restoration, upkeep, and so on.... once you have not any credit and your b/f has that low of a score, then my wager is that you prob do no longer have the skill to attend to an excellent personal loan jointly with a private loan. be careful moving into an pastime in trouble-free words / flex pay / ARM personal loan. Insist on a 30 year fixed... undergo in concepts, todays marketplace isn't an same because the marketplace 4 years in the past. in case you get right into a house, ascertain you recognize you'll stay for a minimum of five year to ensure you a minimum of bread even. If i have been you, i'd teach your self earlier procuring. also, watch your source of eduction.. personal loan brokers, Bankers, Realtors, and so on are not any further the superb source for this (they make money once you purchase a house, do you imagine they are going to allow you to recognize no longer to purchase???)... bypass to the library and seem for books on own Finance, Mortgages & abode restoration / upkeep.. only my 2 cents... -S
2016-10-30 21:27:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry, I just find it amusing that a computer and Internet service would come before putting a roof over my family's head. Not that I think you should not have a computer and Internet service, I just see family's who's parents buy a couple 6 packs of beer and a couple of packs of cigarette every day and then pull out their food stamp card to buy a loaf of bread for their family.
Contact a Realtor in the area you are interested in and they can connect you with local lenders who have access to bond money and government assisted mortgage programs.
Michael
2007-01-11 17:25:45 · answer #3 · answered by Bestbank Real Estate 3 · 0⤊ 1⤋
HUD also has grants (free money) for first-time, single-mom homebuyers. Contact your congressman's office to see which STATE agency handles these FEDERAL funds in your area. That's the way it works.
2007-01-11 15:49:00 · answer #4 · answered by gabluesmanxlt 5 · 0⤊ 0⤋
They have a website, check under low income housing.
2007-01-11 15:47:47 · answer #5 · answered by Pantherempress 7 · 0⤊ 0⤋
I can help you but it was located in Australia. :)
2007-01-11 18:16:51 · answer #6 · answered by maylene_biz 1 · 0⤊ 0⤋
start here, http://www.hud.gov
2007-01-12 03:29:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋