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Affordable Housing Assistance Mortgages

climbingonup
Regular Contributor

Affordable Housing Assistance Mortgages

I'm looking for info from anyone who has used these type of mortgage programs. I know BofA has one, and Wells Fargo has one called "Home Opportunities".

 

I've spent the past year rebuilding my credit. My Fico scores are all between 680-720 and AAoA is around 11 years.

   Current accounts:

      9 SL total balance is $7250.  Approx 50% of initial balances

      Cap One Quicksilver $1200 balance 3000 CL (will pay down to $500 before house shopping maybe more)

      JC Penney $0 Bal $1800 CL

      SDFCU secured $0 Bal $250 CL

 

My concern is that all of my open accounts are recent, except for the student loans. Also, my only income is from child support. I've read somewhere that sometimes nontaxable income is "grossed up" to even out the buying power for ppl who have wages.

 

I currently live with my parents, but am planning to buy a house with my Grandmother (whose income is only from Soc Sec). Total HH income is around $2500 month all nontaxable income. She is in the process of selling her home, because she can't live alone any longer. This is why I'm planning to buy a house, so she can stay with me as opposed to putting her in a nursing home. She will be putting the proceeds from the sale of her home in an investment account.

 

I realize this will be quite a challenging, if not impossible, to get a mortgage approval. The fact is if we rent a house in my area the monthly expenses will be $500 higher each month.

 

Just looking for any advice you all could provide. Inspiration too.

 

 

Message 1 of 3
2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Affordable Housing Assistance Mortgages

From your post, it isn't possible to tell what you qualify for in the way of a morgage because the lender will use debt to income ratios to calculate the maximum amount of payment for which you qualify. To do that they will need the payment information of your current debt. 

 

How long have you been receiving child support? That will be a factor too.

I don't know if only child support will work one of the LOs will have to answer your question.

 

Also, your grandmother will have assets based on the sale of her home - in many of those programs, income and assets are limited. You will need to see what the allowed maximum limits are based on HH members.

 

 

 

Message 2 of 3
climbingonup
Regular Contributor

Re: Affordable Housing Assistance Mortgages

I'm certain we qualify based on max income and  purchase price limits for my county. My grandma's likely to have around $40k after her home is paid off and all real estate commissions and other fees are paid.  Her cash will be put into an investment account to cover her final expenses and medical expenses not covered by insurance.

 

I'm also looking to go back to work in the near future (soon as I can find a job, but I would imagine an U/W wouldn't count that income since it would be too new of a job)

 

My current DTI is around 30% including my SL which are actually on a $0 IBR payment.

 

Message 3 of 3
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