Is there any financial aid for buying a home?
Is there any financial aid for buying a home to house my family and my parents, who need me to care for them? My parents own their own home and I rent an apartment with my four children. My parents are going to be needing more care than what I can give them living seperately. I am thinking about buying a home with an in-law apartment so that we both can still have our privacy but be close enough to be more helpful. Is there any kind of financial aid for buying such a home as we both have limited income? I am a stay-at-home mom and live on alimony/child support and my parents get Social Security disability.
Your idea makes so much sense, and it's something many families consider or actually do. I do not know of any financial aid to help you buy a house. Some brokers (and housing agencies) offer low-interest home loans for people with disabilities. (Legitimate loans.) Your parents should talk to banks and mortgage agencies in their area about this possibility. It's also a good idea to check with their local governmental (city or county) housing agency about housing programs for people with disabilities. Government assistance is almost always for renting not buying, and income-based. To qualify, you or your parents would need to meet low-income standards. (Which you may.) You can also check with local disability organizations in your parents' area for housing programs. This takes effort, but is worthwhile, as many programs are offered on the local level. Good luck with your efforts.
Your parents could buy the new home with a reverse mortgage which would mean you would have little to no payment. Your name could not be on the house though. Check with a Reverse Mortgage Consultant in your area for more specifics. Met Life and Wells Fargo are national provdiers of reverse mortgages.
If your parents need assistance with personal care (bathing, eating, dressing, etc), then medicaid can pay you a salary for caring for them. They would need to apply for Medicaid Long Term Care. Contact your department of Social Services or agency on aging.
If you have income from work, you can get in a program called Individual Development Accounts, where they will match your funds. You save $1 and they add $1. You can google for more info.
Sign up for section 8 waiting lists in your area. It can take 5-10 years. Get on the wait list now. Most section 8 programs are rental only, but some will allow you to buy a home and they will pay part of the mortgage.
Contact the nonprofit housing agencies in your area. There may be other assistance available in your area.
Also, check the HUD website.
Meant to say IDAs can be used towards the purchase of your first home.
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