I want to buy a home!

Financing, Hard Money Lenders, Private Money
1

I am a single mother working as a teacher and want to purchase a home. But don’t think I can afford a home. I am tired of paying rent. Is there a way I can become a homeowner and not pay an outrageous mortgage? Your advice will be greatly appreciated!

2

Only buy what you can afford the payments on, that mean principle, interest, taxes and insurance. That will ensure that you are able to afford your home. And that doesn’t mean just because the mortgage guy says you are approved, you can afford it. Sit down, look at ALL of your bills (utilities, credit cards, groceries, gas) and figure out what you are comfortable paying and find a house that fits your budget.

3

Assuming that affordability isn’t an issue in your area, I would suggest that you investigate the purchase of a HUD Home and specifically the Good Neighbor Next Door program.

Teachers are extended a 50% discount off the list price if you agree to; a) Live in a revitalization zone, b) Agree to occupy the property for a min. of 3 years.

Assuming that you can qualify for a FHA program, your down payment requirement would be only $100.00.

To learn more about this program, check out this link (http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm)

Regards,

Scott Miller

4

Yes, you can buy a home but it may take a bit of research. You may want to meet with a local Realtor or mortgage broker in your area. There are many programs to help people who may not qualify otherwise. Some programs have different loan programs and lower prices, based on income levels, credit etc. An experienced Realtor should be able to guide you in the right direction.

Chris

5

I don’t know about now how the market might have changed availability & areas, but when we were going to utilize these programs in 2001, we’re talking pepper spray car keys & make sure you pack your kid a crack pipe for lunch! All kidding aside, not nice areas & wouldn’t even trade the safety of our family for the excellent discounts. Again, I don’t know if the market changing so much has made a difference, just to let you know.