Low Interest Home Loans for Low Income Families
– October 12, 2007
As you know, families across the country are losing their homes in the mortgage mess. They cannot afford their skyrocketing adjustable rate or sub-prime mortgage payments. But there is a little known way lower income families can get home loans they can afford. Comsumer Advocate Heather Sullivan show you how in this Seven On Your Side Consumer Watch.
From the red gadgets in her kitchen, to her daughter’s pink bedroom, said homeowner Tocorro Harris, “It’s just great just to come home and sit down and call my own home mine. I’m going home to my house.”
A single mother, she told us, “You think that you can’t do it, that it’s very difficult to own your own home.”
But Tocorro Harris bought her home with a low interest, fixed rate mortgage from the State Housing Authority. Said Harris, “I got approved for a single family loan which gave me a fixed 6% interest rate on my mortgage and also gave me $4000 down.”
The State offers loans to first time home buyers and families who have not owned a home for three years. The interest rates are slightly lower than market and they’re always fixed, no balloon payments. They even offer loans for downpayments and closing costs.
Said Barbara Pearson with the State Housing Authority, “Once they find out about our loan program, it’s like ‘wow’ you know?”
Who qualifies? Low to moderate income families with a minimum credit score of 575. Pearson says these loans could have saved many families from losing their homes. Said Pearson, “We could have helped them a great deal. They probably wouldn’t be in the fix they’re in.”
Harris is relieved she avoided that pitfall and is relieved to know her daughter has a place with a pink room to call home. Said Harris, “She’s probably just as happy, if not more happy, to come home to our house.”
So how do you get one of these loans? Go to http://www.schousing.com/ . It will show you whether you qualify and local banks that offer State home loans. Be sure to ask your bank for a State housing loan. They may not offer you one if you don’t ask.
COMMENTS
When I go to this site it says invalid URl? Is this a good link?
Thanks!
I am interrestedto see if my husband and I can do this low income housing buying a home. your sight didn’t let me go on i. It said URL on it. Thanks shannon
Invalid URI
just go to http://www.schousing.com dont click the link type it in your search bar