Can You Own a House While on Public Assistance
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| I am just curious as to what people think about this. I know a couple that is on SNAP(food stamps) and WIC, and they will be closing on a house on Friday. I'm pretty certain they finagled their situation in order to pass through underwriting. Instance being that both machine loans are under i spouse, and the other is applied for the mortgage. I personally feel that people on regime help shouldn't be able to buy a dwelling house, but I tin't stop them of grade. I am curious of other opinions. |
06-27-2012, 12:xv PM 
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| If they're on government assistance, I don't see how in the globe they can beget a house. After all, if they have plenty money to go out and buy a house, don't they also have enough to buy their own groceries? |
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| It's not that hard to get food stamps, but you lot take to be pretty damn poor to qualify for WIC. Yet they have two motorcar noteas and are ownership a house. I'grand pretty certain something fishy is going on around here. |
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| Well .. the question is - are they doing something improper (i.e. a blazon of fraud) or are they taking advantage of programs for low-income buyers.. ?? VA loans, FHA loans (some don't require any down payment). How much is the house? If its a $sixty,000 business firm, vs. a $250,000 house ... well, that's a large difference. It might be totally possible for them to be able to afford a payment on a very cheap firm, and still demand food assistance. I don't know. Only I don't assume that they're doing something incorrect. |
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| Could it be through Habitat For Humanity, or perchance a USDA "Rural" loan? |
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| Lots of homes really aren't as expensive in payments as rents especially thru sure programs as mentioned.Whether they wil exist able to beget the total toll over fourth dimension merely depends on them ;actually. |
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| A friend of mine has a friend who is presently living in low-income housing hither in WI. Very nice location in a suburb outside of Milwaukee County. She's 76 y/o. She's planning to buy a condo/apt. in NC near her daughter. Her depression income housing subsidy apparently qualifies her to purchase this condo - in the price range of about $75-$100k. I've read before where people on housing help tin utilise that assist to authorize for a mortgage. The right-wingers are howling about information technology. Actually, generally speaking, unless it is a new property, there is no way over time someone in this situation volition be able to maintain the property - or even stay electric current on the payments, imho, unless they are hiding income. I think some projects are targeted to buyers receiving housing assistance. I'm more of a left-leaning moderate and even I retrieve this is going too far. I think the developers brand out like bandits on these, using govt money for construction, etc. |
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| How do you lot think nosotros got into such trouble in the last decade? Shenanigans like this. FHA, FMAC, and FMAE are all prepare for the express purpose of getting low-income people into homes, regardless of their ability to pay the mortgage. |
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| Nutrient stamps and WIC are awarded based on the applicant's income, expenses, and assets. Did the purchasing "partner" borrow the downward payment from a family member? If so, they may exist ineligible for stamps for the one month that the avails were in the depository financial institution. Or, they may drop the stamps later on they move into their new home. Or... IOW, at that place are all sorts of scenarios and I would not automatically assume the couple is committing mortgage fraud. Last edited by lenora; 06-27-2012 at 04:59 PM.. Reason: Oops, reread OP and saw they are married. |
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| Not simply can they practise it there are government programs to help them. I know of a government program that buys and fixes up houses specifically to sell to depression income people. From what I assemble you tin can't merely exist low income to qualify to buy one of these houses, only you have to convince them somehow that you can't obtain a house by any other ways than this programme. It is backward qualifying in that you bear witness how poor you lot are instead of the other way around. I know of i house in particular that it seems no i can purchase. Information technology's been sitting there for months and it is similar new within and a very nice house. It's bigger than well-nigh of the houses in the plan and I think it makes it impossible to sell. If you are in the program you can't qualify for a bigger business firm unless yous have a bigger family, regardless if y'all can afford it. Most of the people that could easily afford it can't purchase information technology considering they aren't considered poor enough. I'm distressing, but this is such a back azzwards authorities programme and feels a bit socialist to me. |
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