Can a entity who is on lower income benefits such as odsp and cpp find a mortgage?
My mom is interested in getting a house, i work part time as i am a student and she is on disability. we are looking into getting a hosue and be wondering if someone who makes just over $1100 a month is competent to get a mortgage
Answers:
Depending on where you live it is possible! I would try USDA Rural Development, this is a Government loan. They provide home loans for low income family in rural areas were the population is 20,000 or smaller quantity. They can finance 100% of your loan, including closing costs and any repairs your new home may obligation. There is no down payment, and you can get reward assistance for as long as you are low income. Here is the website:
http://www.rurdev.usda.gov/
I'm sorry, I didn't realize you was in Canada. Well I don`t know they have something similar to offer. I would try calling around to your local housing authority and possibly they can help you find something!
I would say IMPOSSIBLE
It would be intricate enough to survive on that amount much less seize a downpayment and handle a mortgage.
I highly doubt it...With the creditors in a minute looking more closely at borrowers I don't think you and your mom would quailfy ....
Though I I have a few things to supply
*You are a wonderful son to want to go in on a house next to your mom.
*Right now with the credit down turn and so several houses NOT selling you might be able to get a owner to hold a mortgage for you...Basically you would craft payments to the owner...Though your income is still quite low...You might end up beside a dump and a too high mortgage.
*My other suggestion is to save your money and verbs to rent. Right now as a student you can't really work full-time. After you graduate you can get a superior paying job and use your saving to go and get into a house.
*Again wanting to get a home for your family is a deeply nice ...It can come at too high of a cost. If you wait a bit you can do it beside less struggle. Good Luck to you and your mom.
Related Questions:
How can I flea market myself as a mortgage broker?
I have recently acquire my mortgage brokers license and was wondering how I can get myself out nearby on the market. I have tried making flyers and stuff, but it really hasn't help any. I also made a website and am in...
Answers:
Depending on where you live it is possible! I would try USDA Rural Development, this is a Government loan. They provide home loans for low income family in rural areas were the population is 20,000 or smaller quantity. They can finance 100% of your loan, including closing costs and any repairs your new home may obligation. There is no down payment, and you can get reward assistance for as long as you are low income. Here is the website:
http://www.rurdev.usda.gov/
I'm sorry, I didn't realize you was in Canada. Well I don`t know they have something similar to offer. I would try calling around to your local housing authority and possibly they can help you find something!
I would say IMPOSSIBLE
It would be intricate enough to survive on that amount much less seize a downpayment and handle a mortgage.
I highly doubt it...With the creditors in a minute looking more closely at borrowers I don't think you and your mom would quailfy ....
Though I I have a few things to supply
*You are a wonderful son to want to go in on a house next to your mom.
*Right now with the credit down turn and so several houses NOT selling you might be able to get a owner to hold a mortgage for you...Basically you would craft payments to the owner...Though your income is still quite low...You might end up beside a dump and a too high mortgage.
*My other suggestion is to save your money and verbs to rent. Right now as a student you can't really work full-time. After you graduate you can get a superior paying job and use your saving to go and get into a house.
*Again wanting to get a home for your family is a deeply nice ...It can come at too high of a cost. If you wait a bit you can do it beside less struggle. Good Luck to you and your mom.
Related Questions:
How can I flea market myself as a mortgage broker?
I have recently acquire my mortgage brokers license and was wondering how I can get myself out nearby on the market. I have tried making flyers and stuff, but it really hasn't help any. I also made a website and am in...