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Low-income Americans, defined as those below 150 percent (or 200 percent, I've seen both numbers) of poverty level.
If you're so far below poverty level, how can you afford a home? The idea is to target potential home buyers. You have to have sufficient income to qualify for a mortgage...I don't see how it would be a good strategy to waste time on people who can't qualify for a mortgage. BTW, even if you do have the means, it's almost impossible to get a small mortgage because of the predatory lending laws in place that state APR can't exceed more than x%. The laws are there with good intentions but make those small loans impossible.
don't get me started. just another area where they addressed one problem by creating 2 more! essentially, the comment stands. i could easily put together a low income event. perhaps i would invent 'rent to own' homebuilders, foreclosure specialists etc. that is unless they've been outlawed too
I'm not familiar with 'rent to own' homebuilders but I've seen a lot of 'rent to own' offers and they all seem like bad deals for the renter/buyer. Are they really bad deals or am I too cynical?
If you're so far below poverty level, how can you afford a home? The idea is to target potential home buyers. You have to have sufficient income to qualify for a mortgage...I don't see how it would be a good strategy to waste time on people who can't qualify for a mortgage. BTW, even if you do have the means, it's almost impossible to get a small mortgage because of the predatory lending laws in place that state APR can't exceed more than x%. The laws are there with good intentions but make those small loans impossible.
If I have sufficient income to pay rent, on what basis can I not afford a home?
I expect to pay more over a lifetime for housing than a homeowner, while getting much less housing (and impaired use of it), no equity, no appreciation, and in the end absolutely nothing to show for it. What do you say to me other than Pay up, sucker!
They do offer home ownership fairs and classes for low income white males. Pay attention. They aren't titled program for white males, they are simply open to everyone.
No matter what class or fair you attend, you still need money to pay the mortgage, although they are again issuing no down payment mortgages and with such low interest rates, it doesn't take a huge income to qualify for a cheap house.
I would bet that you could walk right into a housing fair for African Americans or for Hispanics and the security wouldn't even question you. It's not like you are not allowed. They are just trying to reach a demographic that might not know how they can qualify.
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