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Is there any hope for a family of 5 (all on SS disability) low credit scores to buy a home

The family of 5 2 Elderly, and 1 with mental disabilities,  1 child (deceased parents) receive income monthly, and are currently renting, and moving...they are looking for a stable environment, and the income is there but no down payment & no scores....not sure what if anything can help this family.
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September 10 2012 - Oak Lawn
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Right now I would say most likely no. However, I would call some lenders up. See if there is some credit repair programs they can put you on, and look into some down payment assistant programs for you.  Once you go through these steps its possible for you to be able to get a loan. I wish you the best.
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September 11 2012
Profile picture for Pasadenan
"no scores" are quite a bit different than "low scores".  "No scores" implies no credit history, implies no borrowing.  "low scores" means they don't make payments on time, or don't pay their debts.  "No scores" can be dealt with by proving on time payment of utility bills, phone bills, and rent payments.  Automatic electronic mortgage payments from the Social Security and disability payments and SSI payments may also help.

There are still down payment assistance programs for low income households across the entire United States.  The U.S. Fair Housing Act and U.S. Fair lending act prohibit discrimination based on age, disability, and source of income.  If they have steady income, there is nothing preventing them from buying.

They should be speaking with their local government housing department.

However, realistically, they need to be able to "maintain" the home too.  And from the description, they may not have that ability.  What may "help" them the most may be renting or an assisted living environment.

Don't forget, Sherlock Holmes was always a "renter".  Renting offers many benefits that buying can not.  One of the "benefits" is they don't have to "give away" 1/15 of the value of their house to "Realtors".  This is especially a big deal when one considers what they give to Realtors exceeds any equity they have in their home, even after 15 years.

And let's not forget, what happens to the remaining 3 if the elderly couple dies?  They lose the home, and are out on the streets?

But I'm still having difficulty figuring out the status of the 5th person...  Why would that person be on Social Security or Disability?
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September 11 2012
This one is not easy but an experienced lender should be able to move them through.   The qualifying will be based on the continuation (in writing) of all the income sources.  But combine some patience with a down payment solution and there should be something available for them.
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September 11 2012
Of course!  It may take some work, diligence and someone to work with them but there's hope.  If they are willing to relocate to a Rural area, USDA & DCA offer home programs, with down payment assistance in areas like Georgia (Georgia Dream). The first of the year are better to apply because funds are more available through various organizations.  If they were in GA, I would love to work with them and within six months, they can be moving into their home. I can be reached at:

Ruby Parker
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September 10 2012
 
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Is there any hope for a family of 5 (all on SS disability) low credit scores to buy a home
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Latest answer by Matt Laricy
September 11 2012 | 4 answers
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