I won't go into all of the details of a situation that currently affects my mother, but I'll provide as brief an explanation as possible. Her income is only 800/month as she's on Social Security and she has no other source of retirement income. Her landlord may try to pull something to essentially price her out of the $420/month she's currently paying for rent. Unfortunately, it will be near impossible to find a comparable property with rents that low anywhere else...
I can find fairly decent homes in good neighborhoods here in Indy for approx. $50-$65K. My credit is a bit under 700 right now and I'm told I can't get an investment loan until my score is at least a 720 and even then I'll have to pay points and need AT LEAST 20% down. I won't be able to get my score up to that level for at least a couple of years...(I guess this isn't brief is it?) My mother had hospital visits that she could not afford and as a result, her credit is literally down the tubes...
I wouldn't want to do a hard money loan because I simply would not have a way to come up with the money at the end of a short period. Does anyone know of any ways in which I could purchase a property for my mother? I would be looking at bank owned or HUD properties so I could not approach a purchase with seller financing, contract, etc...
Any ideas would be greatly appreciated... I'll stop playing my violin now... :violin:
