Somebody Told Me That HUD Has a Program for Low Income Homebuyers
How many times have I gotten calls like this? Unfortunately the answer is too often.
A young lady recently called and said that she was on a fixed income and wanted to buy a HUD home or do a rent to own on a HUD property. She was on a fixed income and had some credit issues to “iron out.”
Hating to be the bearer of bad news, I informed her that I was not aware of any such program that HUD has for low income buyers. I explained to her that HUD owned homes were simply homes that had been foreclosed and were being sold on the open market. I explained that in order to buy a HUD home, unless she was paying cash, she would still have to qualify for a mortgage loan (which again, I didn’t see how that was going to happen due to her low income, but I offered to give her the number of a loan officer anyway).
She was very disappointed and I could hear in her voice how saddened she was by this news and yet she was determined that there must be a way. She said she was going to contact HUD directly to see if there was anything that they could do. Since I had not made myself clear, I suggested that that might be a good idea. Unfortunately since you can’t buy a HUD home without a real estate agent, it’s likely that HUD will just refer her back to me (or any other real estate agent).
Before hanging up, she again mentioned that “somebody told me that HUD has a program for low income homebuyers” and in ending the conversation, I highly suggested that she go back to that person (who shared this misinformation) and ask them for direct contact information to the source that could help her and she said that she would.
This person really wants to be a homeowner and I just hate these kinds of phone calls that start off by saying “somebody told me…..” because more often than not, in my experience, it’s just misinformation that has been stated as fact.
Here’s my suggestion to anyone that has been told “somebody told me……”
- First as them for the name of the person that helped them
- If they had not personally been helped, ask them for the contact information of their reliable source
For more information on buying a home HUD home, you can go to the Hud Home Store website.