Is there any hope for me to buy a house?

Question

I want to move back home to Connecticut.I am a single mother with poor credit.I have always maintained decent jobs and always paid my rent and utilities by myself.I am now 33 and my son is 15 and I want my own.I was thinking about rent with option to buy or a similar lease option,problem is I`m clueless of where I need to start,.how much I would need and is it unresonable to think of a mortgage to be under $1000.00.Please and advice would be great.I would also buy a condo/townhome or trailer.HELP!!

Answer 1

section 8 sponsored loan.

no such thing as a mortgage payment and tax / insurance liabilities under 1,000 in the Northeast.  Trailer loans are hard to get done and have high rates.

I think you should rent.

Answer 2

To keep the monthly bill under 1k is impossible.  Besides mortgage there is taxes, insurance, heating, utilities and repairs.  The larger cash down payment you have    the less money you borrow and the lower your payments.  Ct. is a very expensive state.  

Answer 3

Well to be honest in today's world of real estate, I would stay away from Options to purchase and the like.  There are just too many pitfalls right now.  

Your best bet is to talk with several lenders to see what options you may have. Consider a FHA loan.  Don't make a decision about buying until you have all the facts  about your credit situation.  

Answer 4

Go to a bank, show them what you can afford and have some money to put down. This is a good time to buy, Banks have many foreclosures and may have programs in place if you take over payments. Also check out HUD's website, HUD info is free, if a web site ask for money your on the wrong page. Also, HUD asking prices are just that, A few months ago I missed out on a bid here in Maine, Hud was asking 55k, it went for 22.

Answer 5

Good luck finding a mortgage for under 1000.00 in CT - that is unless you get a fixer upper.

I suggest try NC or SC you can get a brand new home with a builder - they always have good deals and their banks will definitely approve you, they also have man many programs for first time homebuyers.

Go on-line and google first time home buyer programs in CT - I purchased a brand new home from a builder and this is after bankruptcy so I know that you can do it.

also google home builders in CT -

Good luck _ i am sure that you can do it.......are you?.........

Answer 6

Yes they have special programs for single mothers with poor credit and low income status. You're lucky to be in America.

Answer 7

When you want to buy, the first step is to talk to lenders and see where you stand. Though if you’ll be changing jobs as part of this move, plan to rent for awhile.

Once you know how much you can afford, do some online searching to see how much homes sell for where you plan to live. (From what I’ve seen of CT prices, $100K won’t buy you a shoebox on the street corner, but there could be exceptions.)

Then locate a buyer’s agent to help you find a home and negotiate for you once you find the right home. Lease to own can be negotiated on any deal, though not all sellers are willing to go that route.