Is there any help for low income family to buy a home?
- Posted:
- 3+ months ago by pittsburgh
- Topics:
- home, family, homes
Answers (1)
You mean government grants? There are some, but they are few and far between. The government wants property owners to pay property tax for the privilege.
But the good news is, it's a buyer's market. Fixed mortgage rates are under 3%, and that's something!
My advice, go to nearby banks and request a list of foreclosed properties. In the U.S., they are legally obligated to provide this list. Banks generally aren't interested in making a profit off foreclosures. It's usually just damage control at that point, and you can generally buy a foreclosed property at well below market value.
However, even if you can't get a foreclosure, buying a home on a mortgage is often much more affordable than renting a similar home, assuming it's in good condition (because if you buy it, there's no landlord to fix things for you).