Q. I'm interested in purchasing a home for the first time and I'm hearing there's many options for low income first time home buyers. I just would like to know what are the steps and who to talk with first. I'm in an apartment and I want out so I need a house ASAP.
A. FHA loans are the only government assistance. ANY lender can tell you if you qualify.
Where can I find grants or loans for low incomes for home repairs?
Q. My basement wall has caved in and winter is coming. My husband who used to be a liscensed contractor says that if it is not fixed before winter our house will cave in. We have tried all state and local agencies with no luck. Our insurance through our mortgage company doesn't cover this type of damage. We have a low income household and we need to know where to look for help.
A. Grants for home repairs are not given just for anyone.
There is a grant from US Department of Agriculture called 10.417 Very Low-Income Housing Repair Loans and Grants that a senior citizen may qualify to get home repairs grant -- but this is for a senior citizen living in a very poor rural community
http://12.46.245.173/pls/portal30/CATALOG.PROGRAM_TEXT_RPT.SHOW?p_arg_names=prog_nbr&p_arg_values=10.417
USES AND USE RESTRICTIONS
Loan funds may be used to make general repairs and improvements to properties or to remove health and safety hazards. Grant funds may be used only to pay for the costs for repairs and improvements that will remove identified health and safety hazards or to repair or remodel dwellings to make them accessible for houshold members with disabilities. Loans and grants are typically used for repair or replacement of heating, plumbing or electrical services, roof or basic structure as well as water and waste disposal systems, and weatherization. Loans bear an interest rate of one percent and are repaid over a period up to 20 years. In addition to the above purpose, loan funds may be used to modernize the dwelling. Maximum loan amount cannot exceed a cumulative total of $20,000 to any eligible person and maximum lifetime grant assistance is $7,500 to any eligible person. The house must be located in an eligible rural area which does not exceed 10,000 population. Some places with populations between 10,000 and 25,000 may be eligible if not within a Metropolitan Statistical Area (MSA). Assistance is available in States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's and the Trust Territories of the Pacific Islands.
Applicant Eligibility
Applicants must own and occupy a home in a rural area; and be a citizen of the United States or reside in the United States after having been legally admitted for permanent residence or on indefinite parole. Loan recipients must have sufficient income to repay the loan. Grant recipients must be 62 years of age or older and be unable to repay a loan for that part of the assistance received as a grant.
There is a grant from US Department of Agriculture called 10.417 Very Low-Income Housing Repair Loans and Grants that a senior citizen may qualify to get home repairs grant -- but this is for a senior citizen living in a very poor rural community
http://12.46.245.173/pls/portal30/CATALOG.PROGRAM_TEXT_RPT.SHOW?p_arg_names=prog_nbr&p_arg_values=10.417
USES AND USE RESTRICTIONS
Loan funds may be used to make general repairs and improvements to properties or to remove health and safety hazards. Grant funds may be used only to pay for the costs for repairs and improvements that will remove identified health and safety hazards or to repair or remodel dwellings to make them accessible for houshold members with disabilities. Loans and grants are typically used for repair or replacement of heating, plumbing or electrical services, roof or basic structure as well as water and waste disposal systems, and weatherization. Loans bear an interest rate of one percent and are repaid over a period up to 20 years. In addition to the above purpose, loan funds may be used to modernize the dwelling. Maximum loan amount cannot exceed a cumulative total of $20,000 to any eligible person and maximum lifetime grant assistance is $7,500 to any eligible person. The house must be located in an eligible rural area which does not exceed 10,000 population. Some places with populations between 10,000 and 25,000 may be eligible if not within a Metropolitan Statistical Area (MSA). Assistance is available in States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's and the Trust Territories of the Pacific Islands.
Applicant Eligibility
Applicants must own and occupy a home in a rural area; and be a citizen of the United States or reside in the United States after having been legally admitted for permanent residence or on indefinite parole. Loan recipients must have sufficient income to repay the loan. Grant recipients must be 62 years of age or older and be unable to repay a loan for that part of the assistance received as a grant.
Why did Bill Clinton revise the Community Reinvestment Act?
Q. The Community Reinvestment Act was passed by Jimmy Carter in 1977, which allowed lower income people to get home loans, but there a lot of restrictions. Then in 1995, Bill Clinton revised the Community Reinvestment Act to where there were less restrictions. Why did he do this?
A. So that banks would be FORCED to start making loans to folks who wouldn't be able to pay 'em back. That ol' Billy was a crafty phuc, wasn't he!?! lol
Home is paid for how do I take out equity out with only a great credit score going for me?
Q. In our family we have a home worth about $75.000 its paid off, I am suggesting we take $25.000 of the equity and reinvest in another property to be used as a rental only, how can I get a home equity loan with the present economy with excellent credit and low income.
I have a place in mind, an area, and have done my homework other than applying.
What do you think?
I have a place in mind, an area, and have done my homework other than applying.
What do you think?
A. There aren't many low amount loans out there. You may be required to borrow at least 40k.
You have to have income available to pay off the loan, the supposed rent will not be tgaken into account.
You have to have income available to pay off the loan, the supposed rent will not be tgaken into account.
How can I pay for a post grad academy that does not provide financial aid or scholarships?
Q. I'm tryin to go to Milford academy, but they don't give scholarships or financial aid and I'm from a low income home.
A. some companies offer college tuition reimbursement - you could try to find a job at a company that might help pay for some or all of your tuition. if that doesn't work out - there's always student loans.
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