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How does a person with low income buy a home?

  • November 14 2012 - Happy Valley
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Answers (5)

Register with HUD. HUD is located online @portal.hud.gov . They have homes specifically for disabled and low income individuals.
  • November 27 2012
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Profile picture for daytonhomes
Hi there,
Two great programs used here in Oregon are FHA and USDA. An FHA loan requires a 3.5% down payment of final purchase price. USDA requires no down payment in specific areas of Oregon that are considered rural. One of the best ways to determine what you can afford, is to talk with a mortgage broker. Consultations are free and can provide you with a better idea of what you can qualify for. Please let me know if you would like to further discuss your options. Thanks, Holly
  • November 27 2012
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Depending on what city you live in, or potentially even what political philosophy you prescribe to, a low income person may simply need to move to where their income isn't considered so low anymore. Haven't you met the $300,000 income earners who feel like their income is too low?

But if you're income is considered universally low, there is still help, unless you don't believe in government, then, well, you're probably screwed.

Here in Chicago, and really, the whole state of Illinois we have a program specifically designed for buyers with lower incomes. In many states, like here, you'll have to take some home counseling classes (more budget oriented than gutter cleaning variety) and pay a slight hit on your interest rate, but you'll usually get some kind of down payment assistance.

FHA loans are designed to give people with minimal savings a chance to own a property.

HUD even has a program for section 8 recipients that allows a path to home ownership.

Like most things in life though, these programs aren't advertised like points accruing interest free credit cards, but rather hidden beneath the layers of commercial entrapment living in your mailbox and your television.

A well rounded loan officer and/or an informed buyer's agent will help guide you through the process.
  • November 14 2012
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I live in the state of Oregon.
  • November 14 2012
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You should see if there is a Housing Development Fund Program available.  In CT where I am, they offer a great program with a local bank that makes it possible for people with lower incomes or minimal funds to purchase a home.  Where are you located?
  • November 14 2012
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