Happy, most mortgage terms are 30 years. It makes a house affordable.
A mortgage is a loan secured by the value of the house and land. The bank doesn't care if you live to pay off the mortgage. It can sell the house if you pass before payoff.
The problem I see right now is this is a sellers market. 3 years ago I could not get for my house what I was being accessed at. Two years ago the cost of the houses in my development started to rise. We have people coming from the Philly area to buy here in SW Jersey. If I sold now, I could get almost 100k more than I could 3 yrs ago.
Your friends may be able to afford the house payment but they need to calculate in the taxes, upkeep, utilities, food clothing, ect. They can check with their County Disabilities dept to see what help they can give.
I live in New Jersey and I go on their website, nj.gov, under “NJ Housing Resource Center” which has many, many affordable housing units for very low income, low income, and moderate income. The secret is to apply for these apartments as soon as they are advertised on the website because these apartments do not stay available for too long because people apply for them. I am sure that the state in which you live has their website where you can log on and check to see what they offer.
I think the state housing authority for your state would be a good place to start. Our state has programs and subsidies for low-income buyers so they can buy with a very low down payment and lower interest. Habitat for Humanity also builds or renovates homes for low income folks, but I think the recipients are expected to put in some work themselves, so that might not work if the family is disabled.
I live near Silicon Valley. With every condo project, typically 10 to 15 percent of condos are reserved for purchase for people they deem of low and moderate income.
A mortgage is a loan secured by the value of the house and land. The bank doesn't care if you live to pay off the mortgage. It can sell the house if you pass before payoff.
TRUE
The monthy payment are affordable but the financing is 30 years. Who is going to live another 30 years to pay it?
Your friends may be able to afford the house payment but they need to calculate in the taxes, upkeep, utilities, food clothing, ect.
They can check with their County Disabilities dept to see what help they can give.
What state are they in?
Can you please give me more details on the State programs for low income buyers? Thanks