Home Buying in Dallas>Question Details

J. Wells,  in Plano, TX

Suggestions for moving from low income section 8 to home buyer

Asked by J. Wells, Plano, TX Tue Dec 3, 2013

My husband and I are currently renting an apt with section 8. Income is basically SSC & disability about 750.00 a month & SNAP. We would love to own but our catch 22 is a problem. In order for him to keep his benefits either of us cannot earn more than 800.00 a month.We would lose section 8 housing. Meaning we would only be able to pay full rent of,which is 790 not including utilities or food. We maintain very strict budget and save a bit each month. But if theres a job loss, it would be added to the 4 year waitlist for housing asst. We would be up a creek! I love our location, but it was by a hair.If we were to receive a monetary gift to cover a down pymnt, would it be at all possible to get a loan for a home based on our monthly income alone w/o a co-signer?

Help the community by answering this question:

Answers

2
Section 8 (in Dallas I know for sure) has a Homeownership Program for their clients. Have you looked into the Plano Housing Corporation? They help low income families afford homes. I also specialize in Affordable Housing. If you want, you can give me a call or email me at 972-468-5565 or atfowler@kw.com. I am more than willing to help and see if the Section 8 program you are with has a similar program.
1 vote Thank Flag Link Tue Dec 3, 2013
Contact a 1st timer buyers specialist. They can help you with any programs that are available. However, you may make to little of income to purchase a home. Let's be real here, you need to be able to afford it and future repairs should they come up. Not everyone can buy and own a home, you have to work for it. It is not an entitlement, it is a reward for hard work and managing your money.
0 votes Thank Flag Link Sun Dec 8, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer