How do i buy a home with such a low income?

Question

im a single mom of one, would rather buy a home than rent, i get help from the state, and the rates are so high, are there any state funded help for single parrent families?

Answer 1

In order to borrow enough money to buy a house, you have to be able to show the lender that you can repay the loan.

That means you need to be able to demonstrate that your budget allows for a house payment, insurance payment, and still afford groceries, gas, electricity, etc.

My guess is that, if you're receiving state assistance, you probably don't have the financial means to buy a house right now.

Answer 2

You can get people to rent rooms.they need to sign a lease.then the bank will take that as income .to add to your income and might loan you money to buy a home.and this would of course make it that you can make the payments.and when you get where you can truly know you can make the payments yourself.. well you have the loan ,so make the payments and there you have it.a way to own your home. you might know someone who might rent from you.. really check out the neighborhood before you buy.such as the crime rate. ask some future neighbors what kind of neighborhood it is.ow.call hud.and habitat for humanity. also if you watch the paper theres people who finance there on homes.on a personal note.with just Little down.prehaps call some realtors to watch out for something for you. I wish you and your child the very best..Good Luck Y'all.

Answer 3

I'm a single of mom of 2.Was homeless 3 years ago but had a job at that time was paying me only 9 dollars a hour.I moved out here to az. cause at the time houses were cheap.My credit was way from good.Found out there are alot of services out there that are just giving money away.The place i went to was community services of arizona.They gave me 15,000 to put down on my home and then bank of america helped me with the rest.Even with my credit.Now i own a 4 bedroom condo at payments of only 455.00 a month plus H.O.A..Just get web sites for community,federal aide.First time buyers alot of help.So much out there people don't know about.Good luck don't give up.

Answer 4

In order to borrow enough money to buy a house, you have to be able to show the lender that you can repay the loan.

That means you need to be able to demonstrate that your budget allows for a house payment, insurance payment, and still afford groceries, gas, electricity, etc.

My guess is that, if you're receiving state assistance, you probably don't have the financial means to buy a house right now.

Answer 5

If you have good credit, some income and some money down, it is not out of the question. There are programs out there for low income. Talk to a local lender about some different programs.

Answer 6

Yes... go to this website and see whether there are any homebuying programs in your state. Oftentimes there are specific programs for people with low incomes. Good luck.

http://www.hud.gov/buying/localbuying.cfm

Answer 7

Good Question-I specialize in this area by using Seller financing and subject to financing. There is a way for you to own your own home. Check out my course at (9947ricky) @ eBay

Answer 8

HUD. They build houses for low income families.

Answer 9

HUD - Housing and Urban Development.

http://www.hud.gov

Answer 10

what state do you live in? You can always consider a hud home.

www.hud.gov


In order for people to give you specific help it would be best to let them know what state you live in so they can check for information specific to you. Most states have programs to help people in your situation.