Pattijo Hughes
Pattijo Hughes
Browsing Housing
1 Like
550 Views
3 years ago
Report

I have no credit and owe no one , can I still purchase a 25,000.00 property through HUD or FHA , I am on Social Security ?

What would it take for me to qualify ? I make around 700.00 in Social Security
Email me when answers are posted
D. Pendleton
Browsing Housing
2 Likes
1 Replies
3 years ago
Report
I know that if you have no credit history, sometimes they can create a credit profile for you by combining in a file all bills that you have paid on time, consistantly; like a phone bill, an electric bill, storage bill even a insurance bill if it shows that you made these payments consistently, and are in good standing. You can also create some credit by getting a $300. dollar or more secured credit card (this is a credit card that the bank gives you if you back it up with the amount of cash on the card) You build credit by using the card and making the payments each month. After a while, you get credit without upfront money and you have built a credit history that shows on your credit report from the first month you began. Also there are programs that pay closing costs and even help with down payments. NACA is one, and Hud has a host of programs. You can goggle low income housing agencies in your area. Also, remember they take into account your monthly expenses to ensure that you can pay your mortgage. I think expenses cannot take up more than 40% of your income. Nor can your Mortgage payment. Call and ask them, they will even set you up with a mortgage counselor or realestate rep. It's a buyers market out there so, good luck is waiting for you. Look up NACA and HUD online or ask information over the phone for your state. (A $25,000 can be as low as a little over $100. a month.)
Best Answer
Hide 1 reply to this answer

Your Reply:

Email me when answers are posted
Pattijo Hughes
Pattijo Hughes
Browsing Housing
0 Likes
0 Replies
3 years ago
Report
Thank you so much for your information , I have been living in HUD and my bills are always on time and I've been here 5 years, and have great credit with them.
I will also check into the the insured credit card .
Thank you so much, you gave me confidence to move forward !

Your Reply:

Email me when answers are posted

Your Answer:

details:

Email me when answers are posted

Related Listings

$59K
3 bedrooms / 1.0 baths
6 photos
$85K
3 bedrooms / 1.0 baths
11 photos
$28K
3 bedrooms / 1.0 baths
1 photo
$172K
4 bedrooms / 4.0 baths
42 photos