Is there any assistance for low income families that would help us make the downpayment to get into a house?

Question

My family is in a dangerous situation in the neighborhood we live in. I don't even let my children paly outside because of the way people drive around here and because of the drugs everywhere! My husband and I are desperate to move into a house in a nice kid friendly neighborhood. We can do the monthly payments, however, I just don't know HOW on earth we'll ever be able to come up with $12,000 to move into a home.

Answer 1

You got to be living under a ROCK because it's only been all over the world!!! Smarten up and call those who get paid to fix that **** cuz you aint getin paid.

Answer 2

Check with local realtors, and banks, also check with some of the mortgage companies.  There are a lot of repo's out there and there is going to have to be some concessions given to get people to move into them.  Also don't be afraid to ask the city that you want to live in about any assistance programs for first time home owners.

Answer 3

There used to be loans that had no down payment, and were easy to get, but the state of the financial community right now is so bleak, they will be very hard to get unless you have nearly perfect credit and make enough to make the payments.

Look around, and ask banks about low money down loans.  How did you come up with that amount anyway? We've bought 3 houses, and we only put down $10,000 on one house because we could; only $5,000 was required on any of them.

Make sure that any loan you do get is a FIXED RATE loan, in all seriousness.

Also consider the newer rent to own options - some ReMax offices are doing this - but you do have to go through a credit check and prove you can make the payments.  Half of your monthly payment is toward rent, the other half goes towards buying the home.