Buying a home

[whatdude]

Hey I was wondering if any of you have any information on getting a loan for a home?

My mom is pretty stupid and doesn't know how to go about doing it. And she has pretty bad credit and has a low income. Is there any possibility of her being able to get a loan for a home? And if there is... where?


Later

 

[Jester FPS]

If she has bad credit, she will be able to get a home loan, but with a higher interest rate.

 

[S1NN3R]

How bad and how low? PM if you don't feel like broadcasting it, and I can tell you what the options are.

 

[KarmaSutra]

FHA and foreclosed properties would be her best option. Why is your mom stupid? You still live at home?If so, How are you progressing in getting out of moms womb and making it on your own?

 

[penkitten]

for low income families wanting to purchase a home that will have based on income payments and interest that can be as low as 1% contact your local usda rural development
http://www.rurdev.usda.gov/

however, they may insist that she clean her credit up before she can be allowed to purchase a home thru their program.

you would want to look for a program called "yes you can buy a home" if they still call it that.

here is their faq page
http://www.rurdev.usda.gov/vt/mostfrequentlyaskedquestions.htm

 

[Francisco d'Anconia]

Search the Anything Else forum for "real estate" or "mortgage."

 

[Desdinova]

If she wants the REAL answers, tell her to talk to a bank. They will let her know if she can take out a mortgage, and how much she qualifies for.... if she qualifies at all.

If she can actually get a mortgage, then you talk to a real estate agent and go from there.

 

[Bible_Belt]

fwiw, s1nn3r is a mortgage pro. A good broker can usually help people with bad credit more than the bank.