How To Pursue Low Income Housing
When my husband and I first got married (29 years ago) we were looking to buy a house. We really had no interest in renting and we both had jobs so we were on a mission. We didn’t have high paying jobs though – very much entry level. With no idea where to begin it was an uphill battle. The internet did exist back then but not nearly to the extent it does now. Now it is so much more easy to do research and find answers to those hard questions.
So – how does someone get affordable housing these days?
Affordable Rental Options
Section 8 Housing – This program allows you to rent either an apartment, townhouse or single family home. This housing is based on income, family and local housing costs. This program generally has a very long wait list depending upon the area you are looking for housing. These are considered housing vouchers. In this program you are responsible for finding the housing. Eligibility – family, senior citizen or person with a disability; meet the programs income limits; US Citizen or eligible Non-Citizen.
Public Housing – This program is when you rent housing from a local public housing authority or agency and is applicable to apartments, townhouses and single family homes. Eligibility – family, senior citizen or person with a disability; meet the programs income limits; US Citizen or eligible Non-Citizen.
Additional – In your area you may also have subsidized options through social services and even victim advocacy groups.
Affordable Purchase Options
It is possible to buy a home on a limited income but be persistent and do not give up. Typical mortgage loans require a size-able down payment and with most people living day to day now, a down payment can be very difficult to come up with – though not impossible with proper planning.
HomeReady by Fanny Mae – This program has a low down payment requirement – just 3%. This down payment can be a gift, grant or even a loan. On these loans mortgage insurance is also discounted if you have the right credit score and the seller can even pay up to 3% of the closing costs.
Home Possible Advantage – This program has a low down payment requirement – just 3%. This down payment can be a gift, grant or even a loan.
USDA Mortgages – This program is specifically designed for rural locations and cannot be within the city limits. This is an amazing program that allows you to purchase a home with no money down and up to 100% financing. There are income restrictions.
My daughter is now struggling with the search for affordable housing due to a change in her life’s circumstances. I am very comforted knowing there are options available to her. She and her children deserve a healthy and safe place to call their own – and she deserves the satisfaction of making it all happen. She has moved home several times but that move has always left her feeling like she is not good enough. Getting housing on her own will definitely empower her and give her the sense of pride she seeks.