affordable housing

[faithnlve]

What is the name of your state? VT I am actually asking this for my neighbor. She is married has 2 children and wants to buy a home. Her credit is good to excellent...her husbands is beyond poor. She wants a home for her children to live in instead of living in a three bedroom apartment complex with many issues. Her husband refuses to help do this. She makes only 18,000 a year. Does she have any options to be able to get a home on her own? Thanks Faith

 

[HUD-1]

At a front end ratio of 31%, she would be able to afford a $465 per month payment. This would be for PITI. Its not likely she would find a rental for this amount much less the purchase of a home along with maintenance and upkeep costs. If you backed out $250 for taxes and Insurance, this would leave $215,roughly representing the payment on a $32,000 mortgage at 7%. Probably not much on the market in the $30,000 range. If she is serious about becoming a homeowner in the future, have her call a HUD-approved housing counseling agency 800.569.4287 They run homebuyer education courses and they may know of affordable housing resources form local govts and non-profits. However, unless the husband gets on board with the idea (and has an income), the amount of loan she would qualify for is very low...

 

[HomeGuru]

What is the name of your state? VT I am actually asking this for my neighbor. She is married has 2 children and wants to buy a home. Her credit is good to excellent...her husbands is beyond poor. She wants a home for her children to live in instead of living in a three bedroom apartment complex with many issues. Her husband refuses to help do this. She makes only 18,000 a year. Does she have any options to be able to get a home on her own? Thanks Faith

**A: you posted in the wrong forum.

 

[faithnlve]

Im sorry. Didnt realize wrong forum.. And thanks. I told her what you wrote, and she is thinking about a mobile home for 4-5 years, then a home. She thinks by then her dh will be more acceptable to a home purchase. She likes your suggestion of going thru someone like HUD then too. She thanks you very much.

 

[HomeGuru]

thank you for posting.