"Very" Low Income Mortgages

[cputrwz]

I have a question...not sure you guys can help but thought I would ask. I have been trying to figure out this USDA Direct 502 loan program and can't seem to do it. My mother is 62 and disabled and makes about 730 a month in SSI. From reading about this loan program... it sounds like it would be a slam dunk to getting her into a home. She doesn't have anywhere to live (except with me) and we keep getting told she doesn't make enough money to be very low income. But, I thought the whole point of this program was to subsidize people to help them actually get into a safe home and give them a reasonable mortgage? Does anybody know the ins and outs of this program?

 

Also curious, do housing grants actually exist? Our state is Virginia and the VHDA programs are fairly limited for very low income people.

[tiggerlgh]

How much is she looking to finance? I think part of the issue is her loan amount will be too low for a mortgage. Due to the rules around high cost mortgages banks don’t like to do small mortgages. $730 is not much to pay a mortgage, until es, food and house upkeep on.

[cputrwz]

Well none of the houses around here go for less than 150k. We were trying to find some mobile homes on land. This is why I was asking about the 502 subsidized loan... I would think there would have be some sort of grant programs or assistance programs that could help with housing. We live in Virginia and don't even have section 8 voucher program now.

[DollarDog]

If your state doesn't have program for low-income renters, I highly doubt it has a program that gives people huge sums of money to buy a house.

[oldblue]

Well none of the houses around here go for less than 150k. We were trying to find some mobile homes on land. This is why I was asking about the 502 subsidized loan... I would think there would have be some sort of grant programs or assistance programs that could help with housing. We live in Virginia and don't even have section 8 voucher program now.

 

HUD should have some sort of program for people that are disabled.

[DollarDog]

 

Well none of the houses around here go for less than 150k. We were trying to find some mobile homes on land. This is why I was asking about the 502 subsidized loan... I would think there would have be some sort of grant programs or assistance programs that could help with housing. We live in Virginia and don't even have section 8 voucher program now.

 

HUD should have some sort of program for people that are disabled.

 

 

What HUD program gives disabled people a gift of >$100,000 to "buy" a house and also provides for utilities, maintenance, etc.?

[tiggerlgh]

OP never mentioned disabled just someone in their 60s on SSI not SSDI

[Zanshiro]

I have a question...not sure you guys can help but thought I would ask. I have been trying to figure out this USDA Direct 502 loan program and can't seem to do it. My mother is 62 and disabled and makes about 730 a month in SSI. From reading about this loan program... it sounds like it would be a slam dunk to getting her into a home. She doesn't have anywhere to live (except with me) and we keep getting told she doesn't make enough money to be very low income. But, I thought the whole point of this program was to subsidize people to help them actually get into a safe home and give them a reasonable mortgage? Does anybody know the ins and outs of this program?

 

Also curious, do housing grants actually exist? Our state is Virginia and the VHDA programs are fairly limited for very low income people.

 

OP did mention the disability ..but sadly I'm not familiar with what VA might offer.

[cv91915]

https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

[DollarDog]

https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

 

The programs listed on this site require the borrower to be able to afford the monthly payments.

 

There's no way someone getting $730 a month from the government can afford a $150,000 mortgage.

 

Let's get back to reality.

 

To the OP: Your 62-year-old disabled mother does not get enough money from the government to support herself. She can either live with you, be homeless, or you can supplement her income by paying her expenses to live somewhere else.

[oldblue]

 

 

Well none of the houses around here go for less than 150k. We were trying to find some mobile homes on land. This is why I was asking about the 502 subsidized loan... I would think there would have be some sort of grant programs or assistance programs that could help with housing. We live in Virginia and don't even have section 8 voucher program now.

 

HUD should have some sort of program for people that are disabled.

 

 

What HUD program gives disabled people a gift of >$100,000 to "buy" a house and also provides for utilities, maintenance, etc.?

 

 

I never said they would do that, I'm saying they will help with a place to live. I was responding to OP saying virginia didn't have section 8.

[Cactus Flower]

There should be independent & assisted living homes she can move into that will take SSI for payment in full.

My grandmother has been in one for years up in Vancouver WA..

 

Use senior resources like A Place for Mom

 

She will not be able to BUY a home on her income.

[cv91915]

 

https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

 

The programs listed on this site require the borrower to be able to afford the monthly payments.

 

There's no way someone getting $730 a month from the government can afford a $150,000 mortgage.

 

Let's get back to reality.

 

To the OP: Your 62-year-old disabled mother does not get enough money from the government to support herself. She can either live with you, be homeless, or you can supplement her income by paying her expenses to live somewhere else.

 

 

OP stated that she's trying to figure out this program.

 

Thanks for the reminder that it takes more than clicking a link provided by a stranger on the internet to qualify one's mother for a mortgage.

 

I think we all learned a lot today.

Edited May 12, 2018 by cv91915

[DollarDog]

There should be independent & assisted living homes she can move into that will take SSI for payment in full.

My grandmother has been in one for years up in Vancouver WA..

 

Use senior resources like A Place for Mom

 

She will not be able to BUY a home on her income.

 

Do a search. But you won't find a private residence with full-time care for $730 a month.