Foreclosure in Lincoln>Question Details

Emily Gordon, Renter in Lincoln, NE

Is it possible for a family of 4 to purchase a home being on a fixed income, and other parent being in collage?

Asked by Emily Gordon, Lincoln, NE Wed Jun 29, 2011

My name is Emily. I'm married & have 2 children. Were wanting to buy a 3 bedroom house with a basement, back yard, in elementary district. I am on a fixed income being on disability, $674.00 & my husband is in school. Does our circumstances seem plausible?

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Hi Emily,

There are many factors that would go into your ability to buy a home. My suggestion would be to contact the loan officer at our office and she will be able help you figure out where you stand and how much home you can afford. Her name is Cami Moran and her number is 402-436-3248. Tell her I sent you and if you are apporved then she will contact me to help you find the home that you want.
Good Luck and have a Great Day!!!
Dennis L. Slama
1 vote Thank Flag Link Wed Jun 29, 2011
Emily, getting pre-approved by a local mortgage lender is definitely your first step. I would go meet with a lender that you may already know & trust. If you don't have one, I personally would recommend working with a lender that is with a locally owned bank. A mortgage officer will be able to tell you if you qualify for a loan, how much of a loan, & if you don't qualify, they should give you tips on how to get to that point.

Another option is that you could find someone looking to rent-to-own. However, there are both good & bad qualities with this option. If you have any questions or would like to just talk about your options, feel free to contact me anytime.

Have a great day Emily!

Jason Korn
RE/MAX Real Estate Concepts
0 votes Thank Flag Link Wed Jun 29, 2011
Check with a mortgage company or local USDA office regarding a USDA loan. The property would have to qualify. Additionally, you'll want to ask the mortgage company if any type of scholarship monies, etc., your husband may be receiving could be considered income and help in getting the loan.
Good Luck!
0 votes Thank Flag Link Wed Jun 29, 2011
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