Low income houses for sale can be found in a number of different places. Depending on how much money you make each year, you might even be able to qualify for various programs that aid poor families in homeownership, so they can buy their own home. Just because you dont have a high salary, doesnt mean you cannot own your own home. In this article, Ill go over places to look for properties, as well as some financing options.
Finding Affordable Homes for Sale
The term affordable will have different meanings to different people and will also vary by geographic location. Listed below are some places you can look for low priced houses for sale.
Sheriff Sales: Foreclosures for failing to pay taxes or mortgages can be found on the local sheriff office website. These are sold at public auction, often either at the property location or at the doors of the courthouse. Be sure to check the terms of the sale, which will include either full payment or money down, and some additional terms.
Banks: REO (real estate owned) homes and other foreclosed properties are sold by banks. Youll find the deals can be substantial, although some of the homes will need repairs performed. Its a good way to get a low purchase price for low income families and people.
Real Estate Agents: Many have access to great databases that will allow them to find a house with mortgage payments you can afford.
FSBO: Sometimes people will their own homes to avoid the commission fees and closing costs associated with buying or selling a property.
Short Sale Properties: These can be sold by banks, real estate agents, or anyone else. The bank is willing to accept an offer thats less than the unpaid balance of the mortgage.
Mortgages for Low Income Families
Youll have some options for taking out a home loan, even if you dont make a lot of money or are on a fixed income, benefits, or other forms of government aid. Listed are some of the options youll have.
USDA/FHA: The United States Department of Agriculture helps low to moderate income people get mortgages, often with 100% financing. There are no value limits, but there are income and purchasing price limits.
HUD: The department of Housing and Urban Development has many programs to help you stop paying rent and own your own house.
Assistance Programs: There are down payment assistance programs, closing cost assistance programs, and all sorts of grants that you can apply for.
Banks: The banks, including well known one like Fannie Mae and others will do some of the legwork for you to see if you qualify for grants or mortgage programs.
You can find low income houses for sale and help with purchasing the properties if you look a little.