Question:

Home purchasing for the Needy?

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If someone is looking for a home and currently has no job and very bad credit can they still get into a home? Someone who is basically homeless, yet has four kids and in need of assistance...what programs are there to help someone in this situation? Please, serious answers only. Thanks.

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  1. .  Even with no job and bad credit, anyone can buy a home.  Because you are more risky, the interest rate will be 11% for 30 years.  That sounds terrible but you can refinance after 12 months of on-time payments.

    Some cities and counties have programs to help you.  I avoid them because you have to pay the money back plus interest if you sell before 7 years.


  2. Sadly NO.  In today's climate all programs have been dropped that do not require proof of income.  Also come Oct. 1st almost all 3rd party monies will no longer be accepted.  This means that the only outside money to be allowed will be "gifts" from family or company and 401k loans.  

    You most likely would have to get a govt subsidized apt. get established with them(credit reference for on time payments) and get min of a yr on the job.  

    I wish it was better news for you.

  3. Having no job is a life style choice.   They do not need assistance, they are choosing this life style themselves.   The bad credit is another choice they they opted to have.

    There are programs for low income families, but none for adults who wish to retire early and have someone else support their families.

    Anyone with 4 kids to care for should be out there supporting them, not looking to live on the hard work of others.

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