Comments | poor_skills: hud homes for GNND

corrinec in poor_skills

hud homes for GNND

Jul 21, 2010 17:55

If you know a teacher, law enforcement officer, firefighter or emergency medical technician they are eligible for 50% off list price for a HUD home. Here is the link: Good neighbor Next Door
Note: I do not qualify for this, know little about it, and found it while searching endlessly for help fixing my non-hud home.

Comments 14

damnitcarl July 22 2010, 14:50:14 UTC

I may be wrong, but I think you have to qualify financially first for the program. My parents are both teachers, but I guarantee you if they tried to apply for the program, they'd be laughed out of there.

corrinec July 22 2010, 17:17:50 UTC

I qualified for a home loan for 100k with an income less than 30k and less than average credit. most of the hud homes are under 250k, so they should be able to qualify, especially if it is half the price.

please don't take offense, but I hope you turned them down. jinxlover July 22 2010, 17:45:34 UTC

Wow, I can't believe that in this recession and credit upheaval that you were able to qualify for so much! I'd never spend 3x+ our yearly income to buy a home, but maybe I'm just really cautious. When we bought our house 3 yrs ago, we were approved for over 250k (my credit score is in the upper 700s) on our combined income of $50,000; we instead bought a house for $60,000 and took out a $50,000 loan. There's just no way that I would put that stress on myself; isn't people overbuying one of the major reasons for the housing collapse? granted, where we live $100,000 would get you a very nice place, but regardless of cost of living I don't think it'd be wise to take out that much debt with that low of an income.

Re: please don't take offense, but I hope you turned them down. corrinec July 22 2010, 18:27:22 UTC

The housing market in Denver was insanely high when I bought my house. A small basement apartment or fixer upper runs at least 80k, but those are hard to find. So, when I found a normal house for 100k it was a good deal. My only other option was finding a hud home, which I should have done. There were no "nice places" for 100k in Denver or the general area.

Thread 6

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corrinec July 22 2010, 16:58:30 UTC

glad I could help.

simonejester August 6 2010, 04:18:01 UTC

Thanks for posting this! My mom's a police secretary so she can tell the officers at work. :)

gnnd corrinec August 6 2010, 16:15:49 UTC

your welcome! glad I could help!

re_vised September 14 2010, 20:25:52 UTC

Hey! I live in Littleton, too! Random...

littleton corrinec September 18 2010, 14:21:42 UTC

I don't know why it said Littleton, because I'm in Denver. Random still, because it is still in Colorado.

How to Build Credit how2buildcredit September 16 2010, 14:14:02 UTC

regardless of cost of living I don't think it'd be wise to take out that much debt with that low of an income.

Re: How to Build Credit corrinec September 18 2010, 14:17:39 UTC

If you are talking about my income, I have roommates and no kids. My share of the payment is less than renting a studio apartment. Repairs are still very expensive. Most hud homes even in my area are less than 100k to begin with, if you apply the discount it would be very inexpensive, maybe less than rent.

Re: How to Build Credit minimumwager September 24 2010, 22:13:05 UTC

Home loans are a little different than many other types of debt because they provide shelter and the asset usually maintains or increases it's value over time.

Particularly with no kids, the income is sufficient. And with roommates the asset actually works to increase income.

True, there is more than just income to consider. I'm not deeply familiar with the HUD program or the OP finances, so I'll leave it at that.