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richard, Home Buyer in 90210

Assistance for disabled buyers on fixed incomes in Los Angeles?

Asked by richard, 90210 Wed Nov 5, 2008

My aunt is disabled and receiving SSDI, which is her only income. She is about to have to move out of the house she's living in and is looking into where to go next. I'm wondering if anyone knows of any programs who help people on low fixed incomes buy a home? She has about $40,000 in savings for a down payment. Thank you!

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Hi Richard,

Based on new facts that you wrote about (i.e. bankruptcy...) it might be tougher to find the program that would enable her to buy a place in Echo Park or Silverlake areas. It might be out of her price range, but unless we evaluate the whole situation I don't like to say that it is impossible. Most definitely it would be the best to talk to a proper mortgage person (i.e. someone who deals with this kind of loans) first and see what she can qualify for. Is there someone who can be on the mortgage docs with her? She definitely has a nice chunk of money to put down and if it wouldn't be for all other circumstances, I'd say she can definitely buy a home.

Since she is looking in 3-4 months from now, I'd suggest you to start the process with pre-approval letter from a mortgage specialists now while rates are down. In my experience it takes 1-2 months to find a property that would match buyer's criteria. And if it is a short sale it can take another 2-4 months to close the escrow. All this is based on the current situation, but who knows what tomorrow will bring. :)
0 votes Thank Flag Link Sat Nov 8, 2008
Hi Richard,

Based on new facts that you wrote about (i.e. bankruptcy...) it might be tougher to find the program that would enable her to buy a place in Echo Park or Silverlake areas. It might be out of her price range, but unless we evaluate the whole situation I don't like to say that it is impossible. Most definitely it would be the best to talk to a proper mortgage person (i.e. someone who deals with this kind of loans) first and see what she can qualify for. Is there someone who can be on the mortgage docs with her? She definitely has a nice chunk of money to put down and if it wouldn't be for all other circumstances, I'd say she can definitely buy a home.

Since she is looking in 3-4 months from now, I'd suggest you to start the process with pre-approval letter from a mortgage specialists now while rates are down. In my experience it takes 1-2 months to find a property that would match buyer's criteria. And if it is a short sale it can take another 2-4 months to close the escrow. All this is based on the current situation, but who knows what tomorrow will bring. :)
0 votes Thank Flag Link Sat Nov 8, 2008
Hi Richard,

Based on new facts that you wrote about (i.e. bankruptcy...) it might be tougher to find the program that would enable her to buy a place in Echo Park or Silverlake areas. It might be out of her price range, but unless we evaluate the whole situation I don't like to say that it is impossible. Most definitely it would be the best to talk to a proper mortgage person (i.e. someone who deals with this kind of loans) first and see what she can qualify for. Is there someone who can be on the mortgage docs with her? She definitely has a nice chunk of money to put down and if it wouldn't be for all other circumstances, I'd say she can definitely buy a home.

Since she is looking in 3-4 months from now, I'd suggest you to start the process with pre-approval letter from a mortgage specialists now while rates are down. In my experience it takes 1-2 months to find a property that would match buyer's criteria. And if it is a short sale it can take another 2-4 months to close the escrow. All this is based on the current situation, but who knows what tomorrow will bring. :)
0 votes Thank Flag Link Sat Nov 8, 2008
There are many low income programs for disabled persons. I have a list I could email to you if you contact me. The first place to look is HUD and also there is a program called H.O.M.E. (home ownership made easy). The list I have has more.
0 votes Thank Flag Link Sat Nov 8, 2008
She had to sell her last home because of overwhelming medical bills. That was 3 years ago. Shortly after that, she also had to declare bankruptcy. This was all before winning her SSDI hearing and getting on Medicare.

I'm hoping that because she has a decent chunk of money from family willing to help, that she can get into her own place and not have to go the public housing/rental route. She is currently in the San Gabriel foothills area, would consider moving but I'm not sure about Compton... I know she likes Silver Lake / Echo Park area...

thank you again for all of your help, this board is an amazing resource. Her timeline is that she'll need to move about 3-4 months from now. I will make calls on her behalf soon, but first I am just trying to gather information.
0 votes Thank Flag Link Fri Nov 7, 2008
Hi Richard,

There are several different programs in different areas of Los Angeles. I personally like to help clients with various budgets. Therefore I made some search for creative, but honest mortgage brokers that are not afraid to disclose any possibilities for specific situations of different buyers. They respect client's privacy and will not continue calling you and pushing deals to you. I would love to discuss with you or your aunt her situation and refer her to the most appropriate person for her specific situation.

Please feel free to call me M-F 9-5.
310-499-1305

The best of luck.

Igor Korosec
0 votes Thank Flag Link Thu Nov 6, 2008
Richard:

There are assistance programs in the City of Carson, the City of Long Beach, and many other cities, which offer large assistance amounts to people who have not owned property in the past 3 years. In fact, in Long Beach, if the buyer can pay for a loan which is about 1/3 of the home purchase price, they may qualify for assistance for the other 2/3 of the purchase price (up to about $200K). There are also county, state and federal programs to help people buy a home.

I would need more information about her financial picture, when is the last time she had an ownership interest in a home. With this inforamtion, we could hook her up with the right program and the right house. Let me know if I can be of further assistance and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Wed Nov 5, 2008
Richard would your aunt consider the City of Compton? There are really good opportunities there and the city helps with up to $150,000. Let me know.

Dyanna
0 votes Thank Flag Link Wed Nov 5, 2008
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