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juliaoceania -> I just have to crow! (5/24/2011 7:31:11 AM)
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The last few months I have been heavily engaged in finding a house for my mom. It has been terribly hard. She has terrific credit (over 700) but she is on a fixed income. She has been living with my brother for a couple of years, so she managed to put away a little to get into a place. The problem was that on her income it made her price range the same homes investors were after. In other words, structurally sound, but needing some light cosmetic work. Every time she found a house and tried to make an offer on it, the house was bought by a cash buyer.
My brother is getting married in July, so it was very important to my mom to find a house before his wife came to live with him. We had been running out of time, and I was starting to lose hope. I have looked at almost every house in her price range, I have seen some gross stuff, some weird stuff, and some interesting stuff (try the people that had a toilet room in their backyard with a sliding glass door on it).
Her agent told us about this program in a neighboring city where people on fixed incomes like my mother, or lower middle class incomes, can get a housing loan from the city, but the note isn't due until her first note is paid off. So basically it is like tacking on 50k to what you are qualified to purchase. This city is nicer. It has less crime... and my mom was able to get a house she really really liked because of this program.
What is in it for the city? They can keep property values up, they can fill houses with young families that are working hard to establish themselves. They are also gentrifying the neighborhood because the homes have to be kept up to a certain standard....
Anyways, I am just really thrilled because a couple of days ago her house went into escrow. Just wanted to share
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