Home Buying in Holly Hill>Question Details

J32bass, Home Buyer in Holly Hill, FL

Is it possible for a person with a fixed income to get an fha loan?

Asked by J32bass, Holly Hill, FL Fri Jul 31, 2009

My mother is on disability and has a fixed income of $675.00 a month. Is it possible for us to put the money down, like say 10 percent on a $35,000 home for her and have payments of about 350-400 dollars a month?

Help the community by answering this question:



You can absolutely buy on a fixed income with an FHA mortgage providing the buyer qualifies. You could give her the 10% as a gift, perfectly legal. It is all a matter of a lender determining whether her income versus her house payment and debt would qualify for the mortgage amount. It appears from the info you provided, she is a little light on income for a $35000 purchase with 10% down as her annual income equals $8,100 approximately. The first step is to have a reputable lender pre-qualify your mom. Your other alternative if need be and you were agreeable would be for you to co-sign for your mom as a joint borrower.

If you would like the name of some skilled lenders in the Central Florida area, please let me know.


Marty Kaiser
Keller Williams Realty
Web Reference: http://www.floridasells.com
0 votes Thank Flag Link Fri Jul 31, 2009
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