Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?

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Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that actually makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you unless you have good credit. If your actually low income you can’t afford to buy anything on credit (even if you could find someone to extend you credit), thus your credit is considered poor because you don’t have any credit history. The catch 22.

My basement wall has caved in and winter is coming. My husband who used to be a liscensed contractor says that if it is not fixed before winter our house will cave in. We have tried all state and local agencies with no luck. Our insurance through our mortgage company doesn’t cover this type of damage. We have a low income household and we need to know where to look for help.

  1. Reply
    February 21, 2011 at 4:03 pm

    If you live in a rural area than look for a bank that does Rural Development loans. Up to 115% financing for low-moderate income. Otherwise look for a bank that does FHA loans.

  2. Reply
    February 21, 2011 at 4:14 pm

    The places that advertise low income mortgages typically have high interest. Be careful. I’d start by going to your local bank or lender and get yourself pre-approved to find out what you qualify for and go from there.

  3. Reply
    arthur d
    February 21, 2011 at 5:11 pm

    I am a broker. Do you make 2k a month? How much is the house that you are looking at? Do you have a down payment? or is the seller of the property willing to give you a seller held second on the property plus pay your closing costs. If you can answer these questions realistically, then i can help you acheive your dreams, the rate might not be favorable but your credit score might be higher than what you think it is. A credit report that you pull of line is actually lower than a mortgage credit report. What state are you in?

  4. Reply
    February 21, 2011 at 5:22 pm

    Go to the employment office and see if they have any job openings you or your husband can apply for. Perhaps you both could get second jobs. Home ownership has lots of financial responsibilities.

  5. Reply
    February 21, 2011 at 5:56 pm

    Grants for home repairs are not given just for anyone.

    There is a grant from US Department of Agriculture called 10.417 Very Low-Income Housing Repair Loans and Grants that a senior citizen may qualify to get home repairs grant — but this is for a senior citizen living in a very poor rural community

    Loan funds may be used to make general repairs and improvements to properties or to remove health and safety hazards. Grant funds may be used only to pay for the costs for repairs and improvements that will remove identified health and safety hazards or to repair or remodel dwellings to make them accessible for houshold members with disabilities. Loans and grants are typically used for repair or replacement of heating, plumbing or electrical services, roof or basic structure as well as water and waste disposal systems, and weatherization. Loans bear an interest rate of one percent and are repaid over a period up to 20 years. In addition to the above purpose, loan funds may be used to modernize the dwelling. Maximum loan amount cannot exceed a cumulative total of $ 20,000 to any eligible person and maximum lifetime grant assistance is $ 7,500 to any eligible person. The house must be located in an eligible rural area which does not exceed 10,000 population. Some places with populations between 10,000 and 25,000 may be eligible if not within a Metropolitan Statistical Area (MSA). Assistance is available in States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana’s and the Trust Territories of the Pacific Islands.

    Applicant Eligibility
    Applicants must own and occupy a home in a rural area; and be a citizen of the United States or reside in the United States after having been legally admitted for permanent residence or on indefinite parole. Loan recipients must have sufficient income to repay the loan. Grant recipients must be 62 years of age or older and be unable to repay a loan for that part of the assistance received as a grant.

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