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nobody
Joined: Mar 09, 2008
Posts: 1687
Location: Not here
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 Posted: Fri May 28, 2010 7:25 am Post subject:
Getting a loan on a fixed income
Subject description: What would you advise? |
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I thought I'd ask the good folk here about something I've been only half-seriously mulling over. Only half-seriously, because I do not think I can possibly make it happen, but it would be nice to be able to help my family in this way.
And I don't mind people here knowing a couple of relevant things about me: my only income is social security (and this will be my only possible income for the foreseeable future) and my credit is pretty much worthless since my ex-wife destroyed it as a kind favour to me (snark).
What I'm wondering is if it would be possible to get a home buyer's loan. Are there any above-the-table lenders that work with people on fixed incomes (and thus not in danger of disappearing unless the entire country goes kaboom) and useless credit? My girlfriend, with whom I live, would happily be a co-signer if necessary, but I would like only my income to be considered. Part of the reason for this is that her job is bad for her and if I can get us a little house somewhere and make low monthly payments, it would be easier for her to quit this toxic job and seek a job elsewhere or even work on her LLC full-time.
In this money-crazed society, I do not think such a thing exists, but then again I do not know everything. It would certainly be nice! |
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Inventor
Stream Operator
Joined: Oct 13, 2007
Posts: 6221
Location: near Austin, Tx, USA
Audio files: 270
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| Posted: Fri May 28, 2010 8:19 am Post subject:
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audiodef, I don't know about such things but there are supposedly good terms for first time home buyers and low income people. I commend your openness in sharing your situation publicly. Hopefully someone who knows more about the options available will chime in. Good luck with it!
Les
_________________
"Let's make noise for peace." - Kijjaz |
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nobody
Joined: Mar 09, 2008
Posts: 1687
Location: Not here
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| Posted: Fri May 28, 2010 8:25 am Post subject:
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| Inventor wrote: | audiodef, I don't know about such things but there are supposedly good terms for first time home buyers and low income people. I commend your openness in sharing your situation publicly. Hopefully someone who knows more about the options available will chime in. Good luck with it!
Les |
Thanks, Les, I appreciate that. The stuff I mentioned isn't a big secret and nothing to be ashamed of.
I could check out HOC stuff. You know, my town is full of racist bigots, although my own neighbourhood is mostly non-white. I keep hearing about these bigots bitching about HOC houses, which of course are rented by lower-income people, which of course mostly means non-whites.
This mostly white person is telling these bigots to go stuff themselves.  |
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ark
Joined: Mar 06, 2008
Posts: 679
Location: New Jersey
Audio files: 13
G2 patch files: 31
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| Posted: Fri May 28, 2010 8:26 am Post subject:
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| If the payments would be no more than 1/4 of your income, whatever the source, and you have at least 20% to put down, I would think you could find someone who would be willing to write a loan. Is there a credit union that you're eligible to join? |
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kkissinger
Stream Operator
Joined: Mar 28, 2006
Posts: 1497
Location: Kansas City, Mo USA
Audio files: 45
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| Posted: Fri May 28, 2010 8:48 am Post subject:
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| ark wrote: | | If the payments would be no more than 1/4 of your income, whatever the source, and you have at least 20% to put down, I would think you could find someone who would be willing to write a loan. Is there a credit union that you're eligible to join? |
Definitely, look for a credit union. I've been a member of Community America since 1988. Credit Union loans are the best -- easily understood, no hidden fees, etc. I will not borrow money -- for a car loan, mortgage, or credit card anywhere other than a credit union.
Good luck!
_________________
-- Kevin
http://kevinkissinger.com |
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nobody
Joined: Mar 09, 2008
Posts: 1687
Location: Not here
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| Posted: Fri May 28, 2010 9:57 am Post subject:
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Thanks, Ark and Kevin. 1/4 of my income is certainly doable. I give my GF 1/3 to help out with the mortgage and have plenty leftover for groceries, helping out my mom, and a little fun. So 1/4 would be an even better deal.
I'll check out some local CUs. |
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