Home Ownership for the Economically Challenged
There are not many options at all for people who cannot qualify for home ownership. These same people are usually the ones who cannot pass any type of credit check, nor meet any type of financial requirements. To me, one good idea would be for a one to two bedroom shotgun house. There are quite a bit of these types of houses in the south. Texas, Arkansas, Louisiana, Mississippi, and possibly Florida have these kinds of houses.
A “shotgun house” is a small house that is usually the size of an efficiency or one bedroom apartment. The price range should be between $2,000.00 and $4,000.00 to own, with a minimum of $150.00 down as a deposit and includes this same amount as the move in fee.
For the economically challenged, times are usually always hard. For this same group, section 8 is not lways the answer, either. Not everyone qualifies for it. Also, there are too many rules to follow. Then there is the matter of too many inspections which can make one feel that their privacy is being invaded.
The privacy issue concerning section 8 and the housing authority is an entirely complicated and different matter altogether. So, that will be mentioned on another article. To continue, the idea for home ownership would not involve any type of governmental assistance, period. There would be no credit check nor rental history check.
There would only be a requirement for proof that there will be some income coming in. The total house note would be a minimum of $2,000.00 and a maximum of $4,000.00. After the note is paid off, that person would be given a deed and own the house lock, stock, and barrel. The monthly payment would be between $150.00 to $200.00 a month until the note is paid off. Yearly taxes on the house would be around $10.00 a year or none at all.
Now, that’s a bargain!