I have always rented and now I'm at a point where I want to purchase my own home. I am a single mother of a special needs child that receives

Asked by lolalynn, Greenville, SC Sun Jun 16, 2013

SSI. The rules with SSI is that you can't make over $2000 a month. With my job and my son's SSI I pretty much bring in that amount. I know I don't have the largest income compared to other buyers in thr market but I want so badly to invest in a home of my own! I know that SC has some down payment assistance programs that I could benefit from. I'm wondering how do these programs work? I've been paying $750 a month in rent for four years and this amount doesn't include utilities. I'd rather be this money into my own home.

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5
Lezah Cruz, Agent, Travelers Rest, SC
Sat Jun 22, 2013
There are programs that help out first time home buyers. Some of them depend on your credit score while others not so much. To get you started on the right path you really need a mortgage company that will take the time to explain all your options to you. There really is a difference between a bank and a mortgage company too -- they have different rules and restrictions. If you have a home buying agent that is representing you and helping you find a new home ... they will be able to inform you of some of the programs but the mortgage person/company is the expert! Let me know if I can be of service to you in your home search here in Greenville, SC
0 votes
Jewel Swinton, , Greenville, SC
Wed Jun 19, 2013
Hi, Cheryl. I think you should check out SC State Housing. They offer programs that you might be interested in to make owning a home possible, specifically the Individuals or Families With Disabilities Program. There are two categories in which you might qualify based on household size and income. For instance, you and your son could have a total annual income under and up to 37,150 and could buy a home up to 152,000. Also you could get 5,000 in down assistance which is forgivable if you live in the home for five years. The first step is getting preapproved with a lender who partners with SC State Housing. Then find an agent, like myself, who is a certified professional who can help you with your search for a home and walk you through the process. Check out their website-- http://www.schousing.com for info and great current rates for mortgages. I'm on the website under First Time Homebuyers. Please call me at (864) 363-7808 or email me at jewelswinton@exitupstate.com anytime.

Good luck,

Jewel Swinton
Exit Upstate Realty
(864) 363-7808
0 votes
Kim Eisen, Agent, Twin Cities, MN
Mon Jun 17, 2013
P.S. Cheryl - if you have a loan officer pull your credit report, have them send you a copy. That way if you speak with another and want them to check their programs further, you can send them a copy rather than having a whole bunch of credit pulls on your credit record. Yes, I know some will tell you it doesn't matter, but it may take some time and this will be better for you if it goes over a certain time period.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes
Kim Eisen, Agent, Twin Cities, MN
Mon Jun 17, 2013
Check with a loan officer/broker that works with 1st time home buyers (might want to talk to several as some have different/varied programs). Yes, these programs do work for those that need/qualify for them and some may have a bit of extended income/debt ratio. I would check now while the rates are still good and housing is still at a good price. Be diligent and also check with your city/county for any programs they might have for residents of the area you want to live in. I think you should be able to get this done as long as you have decent credit. Call a couple of realtors in your area and see if they have loan broker suggestions for what you need. Good luck to Cheryl.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes
Beth Wietrz…, Agent, Sarasota, FL
Sun Jun 16, 2013
The firs thing you need to do is talk to a mortgage broker. They can tell you if you qualify for a loan and for what types you do qualify for. Essentially, you need a good credit score, a good debt to income ratio (the assistance you receive won't be a problem for this), an a little money set aside for down payment ( if you need one) or other payments.

Hope that helps!
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