Home Buying advice needed...

[Mattemma]

I have never heard this being done in the US,but I had a relative in Hungary who cared for an elderly lady.She lived in the home and took care of the lady when not at work.She lived there free in exchange for the care.When the lady died the relative inherited the home.

In our local area there are a few companies that do no money down,and the payments are cheaper than our mortgage.Some houses around us are 30k and below. If she finds a deal like this,and a lawyer oks the contract,it is a great option to get into a home.

My friend pays 500 a month rent.We pay 546 a month mortgage.Just a matter of finding a company/person that will accept you.Banks are a hassle and their closing costs on a home are crazy!

 

[Bubblingbrooks]

She needs to look into all the first time homebuyers, and low income buyers programs.
Several options are Rural development loans, where most of the interest rate is set at 1%.
Downpayment grants are also available.

We got a $30,000 grant that will be ours free and clear in 2 more years, and 80% of our loan is set at 1% interest, with the rest at the main bank at 4% interest.
Anytime our income rises, an corresponding amount is shifted from the 1% to the 4%.