Home Buying in 27540>Question Details

Valerie, Home Buyer in 27540

I GET SSI AND I ONLY GET $674.00 A MONTH IS THERE ANYWAY I CAN BUY A HOUSE I RENT NOW BUT I WANT TO BE ABLE TO BUY A HOME

Asked by Valerie, 27540 Thu Jun 30, 2011

I DONT NEED A BIG HOUSE JUST A SMALL ONE MAYBE ONE LEVEL CAUSE I HAVE MS AND I HAVE PROBLEMS FROM TIME TO TIME

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5
kliberto’s answer
Check with your Rural Developement office. They provide loans for low income and even give assistance with your monthly mortgage if you qualify. I purchased my home through them 7 yrs ago and when I became unemployed, they reduced my payment and even offered to pay my mortgage for two years so I wouldn't lose my home! Even though I didn't need it, I felt really good to have that option. I'm back to work now, but I highly recommend checking them out.
0 votes Thank Flag Link Mon May 28, 2012
You need to find a lender who will make you a $25000 loan - if there are homes nearby your area this inexpensive (you will not likely be in Wake Co.). This will likely be a local credit union, community bank or other lender.

If you don't have a lot of money for a downpayment, there are state and local assistance programs. You might also consider a HUD home, which in NC has a $100 downpayment program.

Below is a scenario based on 30% of your monthly income.
$209 Total monthly investment
$25,546 purchase price
3.50% equity
$894 total downpayment
$24,652 Loan amount
4.50% Interest rate
$30 yr mortgage term

$- HOA fee
$125 Principal & Interest
$28 Taxes
$47 Insurance
$10 Mortgage Ins. (PMI)
$209 Total monthly investment
0 votes Thank Flag Link Tue Jul 12, 2011
Hi Valerie,
I understand your issue with budget. However, it is not impossible to find a home to fit you and your budget. You can contact me at anytime and I will be happy to assist you. I am located in Holly Springs. Make sure whatever agent you decide to hire to represent you as a buyer (if you decide on representation) that they know the market in the area you wish to purchase. This is very important, for you, to have someone to assist you to the fullest extent possible. Keep in mind that the sellers agent is there to sale the home for the seller. There is dual agency, which allows the seller's agent to represent you as a buyer at the same time represent the seller as well, but there are a lot things to consider. Once again, contact me and I will be more than happy to assist you.
0 votes Thank Flag Link Tue Jul 5, 2011
I don't think you have reasonable expectations. Why do you want to buy a home? Will you be able to fix any issue that may come up later, such as plumbing repairs, roofing repairs, upkeep on the house, etc.? On $674/month that doesn't leave you with very much safety or reserves. Having MS has it's own challenges. And most likely you would at some point have to hire someone to help with repair issues if you were unable to repair them yourself. So, keep that in mind when considering purchasing a home. In your price range it would probably be a "fixer uppper" and you are not likely in a position to do the repairs yourself.

Many people have dreams of owning a home, but in reality Renting is a better option. If something breaks, the landlord has to fix it. Homes need to be painted. Roofs repaired. Plumbing goes bad. A/C and furnaces must be serviced and replaced. And even appliances break down. All of this is covered by your landlord.
0 votes Thank Flag Link Thu Jun 30, 2011
I certainly think it's possible. You appear to have reasonable expectations regarding the home will be on the smaller side. Have you prequalified with a lender? Are you willing to continue to reside in Holly Springs/Fuquay if necessary?
0 votes Thank Flag Link Thu Jun 30, 2011
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