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How can i buy a home for little or nothing down i am on disability?

Although i am looking for a job i make only $1,600.00 a month on disability i want to get a home between $15,000 - $50,000 i know they are avaliable help me please thank you ALLAN NICKERSON
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October 25 2013 - Elizabeth City
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Answers (8)

Allan,

You may qualify for a USDA loan which is available in most counties in NC and also a Habitat for Humanity Home.  Visit both websites to read more about them.  The USDA is a government loan for low income families and Habitat builds home for low income families.

Good luck!
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October 29 2013
A manufactured home in a park may be a good option as long as the park space rent is affordable to you.  Often sellers of these homes may be willing to carry a contract.  Negotiation of the down payment and terms is up to you!
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October 27 2013
I only know of  2 types of loan which require zero down payment - VA loan  and USDA. I would call your local lender and see if you could go for one of them.  hope that helps
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October 27 2013
There are only 2 types of loan which require zero down payment - VA loan (you must be a US veteran to qualify) and USDA (house must be eligible)
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October 27 2013
It will be very difficult to find a zero down payment loan unless you are a veteran or seeking a USDA approved property. If any of these apply to you, then I recommend you look into a VA or USDA loan. Otherwise, the closest thing you can get is an FHA loan that only requires a 3.5% down payment. The hardest part for you will be finding a lender that is willing to lender under $50k. Usually $50k is the lowest amount a lender will accept. If you are seeking a low amount loan try some lenders, but if that doesn't work maybe try some banks. I hope this helps and good luck!
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October 25 2013
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It is hard to buy a home with little or nothing down unless you qualify for a VA loan or the house is in an area that qualifies for a USDA loan.    Some local lenders will give smaller loans (in the range you mention) and may know about some local down payment assistance programs. 

Home ownership has a number of unexpected expenses that one doesn't encounter with rentals (as the landlord is responsible).  Therefore, it is important to have savings to cover unexpected expenses before home purchase.   Home ownership is not for everyone, it would be sad to buy and then have to lose the property because of big repair bills.
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October 25 2013
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Thank you
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October 25 2013
This could be difficult depending on where you are alot of banks in our area do not loan under $50,000 unless its rehab loan or portfolio loan.
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October 25 2013
 
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