can a low income family purchase a house instead of renting?

you should check a USDA direct loan. Go to the site listed below and contact the local usda office that services your area.

http://eligibility.sc.egov.usda.gov/eligibility/we...

A couple of year ago you perhaps could have. Today, it might be almost impossible. First, you will need a down payment of at least 10% perhaps as much as 20%. Secondly, it is going to be difficult but not impossible to find a house with a mortgage of $500 a month. But you will also have to accrue property tax and insurance which will add probably another $100 a month additional or more. Then there will be maintenance on top of that.

I do not know where you live but because of foreclosures in some areas, houses have become much less expensive recently and some in certain areas can not find buyers at any price.

I am not aware of all of the government programs that might be available for home buyers. You might best discuss this with a couple of your local banks and see what they say.

There are (or were) programs out there for low income families to buy a home starting with a $1 down.

These were run by the city or an independent organization like HADC (The Housing Association & Development Corporation).

I don't know if HADC is state wide, I only know of this one because I did a few jobs for them.

You'll have to look around and ask, I can't think of a place where they would advertise their services.

From what I understand, these places were pretty easy to get, but the choices were slim and not in the greatest of neighborhoods.

Their criteria for eligibility was you had to have a job for so many years with no debt, sounds perfect for you and your husband.

For $500 a month, you can get a mortgage for about $80,000. Understand that you will need a bare minimum of 3.5% of the purchase price as a downpayment. Understand also that taxes and insurance are not included in that $500.00 Without knowing where you live, it is impossible to guess at how much monthly insurance and taxes will cost you. Chances are strong that you won't be able to afford a decent house for your $500, unless you happen to live in an area with REALLY inexpensive real estate.

It really depends on where you live and what te cost of living is.

My husband and I were attending college in a small town so we were able to find a small 2 bedroom house. We paid $42,000 for that house and our monthly payment was $372.00. It was only an 800 sq ft house, but we figured it would be about the same size as an apartment, cheaper than an apt, wouldn't have neighboring walls and it would be ours. We made a few upgrades and when we graduated we sold the house for $52,000 so we made enough on it to cover my student loans.

So yes, it's possible but it really depends on where you live and what your credit looks like

Please tell me, you get a CRP in January, this is your Rent Refund, that you get in AUGUST....

All landlord have to give you a CRP.... you'd get back almost half of all of your rent, in Aug... & that you could use as a down payment..

I use my rent refund, for school clothes & school supplies, that refund always comes by Aug. 15th.. Please make sure you get your CRP...

*remember, once you buy a house, get Homeowners Insurance.. that way, if the furnace breaks down or dies, you only pay $60.00, and the insurance pays the rest... if your sump pump dies, you pay $60.00 & the insurance pays the rest, what ever you do, keep up that insurance, it's $150.00 on signing day, but OH SO WORTH IT!!!!

MERRY CHRISTMAS!!!

Perhaps it would be helpful to tell us WHAT AREA YOU LIVE IN.