Can a low-income family still purchase a home in this current market?

Asked by Desire Core, Bronx, NY Wed Aug 20, 2008

I've spent hours researching pre-foreclosures, short sales, etc. I have talked with a mortgage broker at a bank who tried helping me understand some of the ends and outs of FHA loans (unfortunately she was new to FHA and didn’t know anything about down payment assistance programs or 203k). I know my loan range, I've driven around and viewed homes in pre-foreclosure in the area I desire. I was almost ready to go, but now wonder how possible this dream is?

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Gail Gladsto…, Agent, 11743, NY
Wed Aug 20, 2008
I much prefer a trusted mortgage broker over a direct bank...with a bank, you must conform to their programs; with a mortgage broker, they will find a program that meets you needs.

I would be happy to recommend a mortgage broker I have used for years with both clients and me offline for her information at

Do not give up the desire to own your own home...keep looking, or get a reputable Realtor to represent you and earnestly search for you. You will have your own home.
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Pascual Paul…, Agent, Bronx, NY
Wed Aug 20, 2008
Yes, there are programs out there for you, but it's all about your Fico (credit) scores. It todays market, you have to show you are resonsilbe to the lenders. Let me put you in touch with someone who can tell you all about it. I service the Bronx and Westchester and know where to find the gems. E-mail me at
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Scott Godzyk, Agent, Manchester, NH
Wed Aug 20, 2008
The first step should be to find a trusted and experienced mortgage lender especially with fha loans, stay away from internet lenders. You can also try to contact your state housing assistance department to see what down payment assistance programs, gifts, grants or such are available in your area. FHA is the way to go for you. Once you have a preqpproval for a mortgage then you will know what price range you should be looking in, short sales are tough, they take alot of patience and time, check to see how far along the short sale process is before you jump into that market. if you jump in at the starting process it could be 4-6 months. goo dluck with your purchase.
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Aileen-Manha…, , New York, NY
Wed Aug 20, 2008
You should also look into HDFC apartments and I believe the site has a small section on this subject. Please see the link below.
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