All HUD (Housing and Urban Development) homes require a $500 Earnest Money deposit to basically satisfy the seller that you are serious about buying the home. This money is put into the broker's escrow account which is a non-interest bearing account until the time of the closing, or sometimes HUD will request that the money be sent to them. If you are not paying cash for the home, and need to get a loan, HUD wants a letter from whomever is doing your loan to prove to them that you are credit worthy. The deposit and the letter are sent to HUD with the contract to get the process rolling. You are welcome to do inspections on these homes, and generally HUD has already had them inspected, cleaned out and appraised. If you see something that you don't like after your inspections, you can cancel the contract and HUD or the broker (myself) will return your deposit. I hope this helps clear up any confusion. If you need to know anything more about the home buying process, please let me know. Thanks, Kim... more
There is definitely a way for you to buy a home. You would need to contact a lender and provide them with your information. I would suggest discussing your income before you allow them to pull your credit, this way you can determine if you have sufficient income to qualify for hte purchase of a home. Once you determine that you are eligilbe from an income perspective, you can then move forward with having your credit pulled.
The primary concern with all lenders is proving that your SSI and Disability income will continue for at least three-years. If you are permenantly disabled then this would not be an issue.
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