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hi, I live in Maryland, I have a big confusion in my mind now. I have rented an apartment for five years, every year the rent increase sometimes 4% and 6%. this year m lease expires in November, and I don't know what to do, I don't want to stay in his apartment because the air conditioner in summer not working properly and heather in winter the same. the propriety was sell last year, now have been a lot changes since that, they install new measurements for electricity, change something inside the apartment with some tubes was suppose for the gas. we pay now 1,433 more utilities(gas and water) but the electricity was included in the rent. they installed this measures for electricity to start to charge to tenants. the rents going to be high for us to 1,470 + gas water and electricity. We are a family 5 members three children an us, just my husband works because I have a premature baby, and we can't afford to pay babysitter for three kids. We are a low income family, we receive food stamps, wic and Medicaid. We would like to buy a financial home for 30 years, with a 3.5% down payment that we going to borrow a friend of my husband. but we don't know what to do because, we receive a letter of a program we got an interview for a 3 bedroom apartment, just pay 30% of the income, we didn't know we got to report changes like a baby born, telephone number or change of job and income, and maybe they put down on the list I'm not sure, the interview is sep 9.
we got to let them know to the propriety we want to move 60 days before the lease expire and we didn't , they say the charge a full month and its too much $1,969 month to month.
what are you recommend to us to do? do you think if we should buy the house to pay less rent to own house?
Do you think the government could take it off the SNAP and Medicaid? please advice
It should not affect it, you are allowed to own a home with both programs, The only thing you are not allowed to do is have a lot of assets, so you can't have more than a few thousand dollars in your savings and checking combined. I think it's around $2000 or so and $3000 if you are on disability. If you can get gift funds from a relative for down payment or closing funds that might help you buy.
Location: Sodo Sopa at The Villas above Kenny' s House.
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I would suggest you find somewhere new to rent or accept the 3 bedroom subsidized apartment. This whole situation is a hot mess and having to borrow money from a friend is a big sign you are not financially capable or responsible enough to consider home ownership. Home maintenance,insurance etc.. are very expensive.
I would suggest you find somewhere new to rent or accept the 3 bedroom subsidized apartment. This whole situation is a hot mess and having to borrow money from a friend is a big sign you are not financially capable or responsible enough to consider home ownership. Home maintenance,insurance etc.. are very expensive.
^^^This^^^
The subsidized apartment is a great deal at 30% of your income. HUD will inspect the apartment to be sure it is up to standards and your HUD case worker can be helpful in resolving issues like the AC/heat not working.
Owning a home can be a can of worms and it sounds like you have plenty on your plate right now.
Don't buy unless you can afford to replace things that break, if your borrowing the down payment, you can't afford to buy. You have to remember your yearly taxes on the house also.
If your family income is low enough that your receive Food Stamps, WIC, Medicaid.. and qualify for subsidized housing, owning a home will be a challenge for you.
You are unlikely to find a decent place to buy where your payments will be 30% of your income. What will you do when the roof needs new shingles, when the furnace or hot water heater needs replacing?
The only low-income families I know who own their own homes either live in rundown places and/or are constantly trying to get help from govt. and non-profit sources to pay for heating oil, replace furnace, fix foundation/roof issues...
I would encourage you and your husband to focus on what you can do to improve your financial situation. That will make home ownership more doable than trying to figure out which of the various assistance programs you will no longer be eligible for.
How will you ever be able to afford to fix something on the home if you are in need of such public assistance? You cannot just put a new air conditioning unit on layaway......
I would suggest you find somewhere new to rent or accept the 3 bedroom subsidized apartment. This whole situation is a hot mess and having to borrow money from a friend is a big sign you are not financially capable or responsible enough to consider home ownership. Home maintenance,insurance etc.. are very expensive.
couldn't agree with this more.
Also this may have changed since I bought a home in 2012, but if someone else is giving you money for a home downpayment, this had to explicitly be a "gift" and not "borrowed" or "loaned" from a third party.
take the subsidized apartment. you're not ready to buy a house here.
The subsidized apartment is a great deal at 30% of your income. HUD will inspect the apartment to be sure it is up to standards and your HUD case worker can be helpful in resolving issues like the AC/heat not working.
Owning a home can be a can of worms and it sounds like you have plenty on your plate right now.
Good luck.
You do know that there are no Section 8 funds available anywhere right? In fact in most places you can't even get on the waiting list.
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