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I have been researching housing for someone who is living on a shoe string, and in Ky. there is a program for Seniors that is great. It is through the Kentucky Housing Corp. If you are 62, and your income qualifies, you can purchase a home with no down, and after five years, up to $10,000. of your mortgage is forgiven automatically. This loan can be assumed by your heirs, and it is a fixed 30 yr loan. The closing costs can be rolled into the loan if you can not pay them out right. There are no points on the loan.
If I move to Ky. I may use this loan or the American Dream loan I am pre-approved for with a national bank. I will go with which ever has the lowest percentage rate at the time. Both programs are really good for someone who has no money to put down a down payment. Just wanted to share this good news!
Well it really won't help much if you can't afford the laon to start with. The no down payment is much different from loans made in the past that caused problems and 10;000 forgiven depends on the sate paying whixch can change. Most likely there are other restrictions on where the house can be located as most of these programs are done woith frederal monies such as CGBG funds that are stricked by law. There are many sch p[rograms in different sates and some actually pay the money up front at closihng.
Texdav: Thanks for the post, but I am sorry, you are incorrect in this instance.
I have qualified for this loan, and you are correct, if you can't afford a house, this won't help you. That can be said about any housing loan or program. But a lot of people don't have a down payment. This will not change, the funding is there in Ky. and all you have to do is go on the site and read about it. This program has existed for the three years that I have been looking at purchasing a home in the South-and I am sure it was there in place before I found out about it. I have met a girl here on city-data that works for Ky. Housing Corp and she keeps me posted on the interest rate, etc. This program does not require that you move to certain areas that the state is trying to re-establish. There is NO RESTRICTION ON WHERE THE HOUSE IS LOCATED IN THE STATE.
You should go and read up on the site, and you will see that it is a great deal for someone looking for housing in Kentucky. Perhaps other states have different rules or restrictions, I am just talking about Kentucky.
Because there are plenty of incentives by lenders to incise people to buy homes they can't afforsd still. Buit teh fact remains that peole who have no money to invest in equity in a down payment or can't even afford closing cost are prime to lose the home.That knfd of thinking is whatt got us into the current housing crisis.Its in fact easy for nayone to get as much thousands i incentive to buy now if you can afford the down payment and closing cost. If 8000 s you can make a down payment and meet closing cost really matter it is still likely you can't afforsd the home in the first place. Its even more likely that if you can afforsd trhem that the interest rate difference alone will make 8000 seem like nothing in the end.No buy what you can afforsd is still good advise.If you can afford to buy then making a normal loan at really low interest rates with huge incentives from builders is available. 100% financing with no down payment is what drew many into homes being foreclose how. If you can put equity into a home yourself then its likely you can afford the home. Conventional loans come at different interest rates that can make the 8000 seem like nothng. Buyer beware of any incentive that says you can have a home with nothing invested and all financed is the warning; because its aimjed at a person that can't qauilfy for low rates and likely can't afford the home.
Texdave: you are entitled to your opinions, and I know the facts in my situation. Good luck to both of us.
Just because I don't have a down payment does not mean I do not have enough money to make a regular house payment, I am making a leasing payment now and have been for 10 years. Why not make the same or less of a payment and own something?
We are moving to Kentucky for retirement, my husband lost his job, and we basically have exhausted our savings to make ends meet, it doesn't mean you don't have the ability to make payments, its just that so many families from Ohio can't find any suitable work, especially when you are 60 years old, and you need to keep your family afloat. We pay rent, we were lucky enough to sell our home (short sale) and move on. Our rent is $715/month, that's why we plan on buying when we move June 2011. A new beginning now that we are 62 and able to put pensions & social security! I can't wait until summer, to move to Kentucky.
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