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Home Buying in 28405 : Real Estate Advice

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Fri Oct 25, 2013
Jim Simms answered:
They already have, just a little backed up. Give yourself twice as much time as you expect it to take and it should be okay, good luck,

Jim Simms
NMLS # 6395

Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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Sat Apr 23, 2011
El Brant answered:
This is really a very big, "It depends." It's hard to imagine that you would be able to get payments low enough, but that doesn't mean it can't be done. Still, I would consider it a stretch. The key is to get you into a place that you can afford to live in so that you don't end up losing it later on. Your biggest concerns may be: having the money to move, having enough for a downpayment, pay for utility hookups, buy groceries for the first couple of months, and pay for your closing costs (inspections, etc), and of course, you will need an impeccable credit score.

The HOP program is an excellent resource for our community and I can give you a lot of details on this. Section 8 will allow you to use your Section 8 stippend toward a mortgage for 15 years *if* you are already recieving Section 8, but I think there is a waiting list to get on the Section 8 (rental) list. There are other programs available, and I do know a couple of Mortgage Bankers who are willing to do "unconventional" loans.

Regardless, you may have more to overcome than you realize. I used to make about that much and always felt like home ownership was a pipedream. Now that I am a REALTOR®, i know that there ways to make things happen for people. If you have been getting all your ducks in a row, or you have resources (your church, family, friends, or even disability income) that you can access, you can make this happen. Let me know if you want to give it a try. I'll be in your corner.
Good luck,

Wilkinson & Associates
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