Ask Experts Questions for FREE Help !
Ask
    RobertWalker's Avatar
    RobertWalker Posts: 2, Reputation: 1
    New Member
     
    #1

    May 30, 2019, 11:00 PM
    Is there any real help for an Ex- felon first time home buyer?
    I served 20 years in prison and have been free for about a year and a half. I have a stable decent job and have managed to get my credit score to 700 or just over. The problem I seem to be facing other then the obvious, is i don't seem to have a long enough credit history. I figured as a first time buyer there has to be some type of program or something I qualify for. Not a hand out mind you but a little assistance and a point in the right direction. I go to my bank this Saturday to see if I can even get a loan but I don't have high hopes. Any advise would be very helpful.
    talaniman's Avatar
    talaniman Posts: 54,051, Reputation: 10852
    Expert
     
    #2

    May 31, 2019, 04:43 AM
    Do you have the 20% or whatever is required down payment and verification where it came from? I would also check other sources for mortgage finances besides your bank. I googled Mortgage financing options and mortgage financing options for felons and found many good articles and guides that may be helpful. Be aware though that certain crimes prohibit felons from many options like real estate fraud and mortgage fraud, from some of those mortgage options but there are others.

    Good Luck
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7691
    Expert
     
    #3

    May 31, 2019, 06:55 PM
    There are many local programs for first time buyers, and a few other programs. The time on the job and the lack of long term credit is going to make it harder. The issue is that you are going to have to come up with at least 10 percent of selling price, and as noted most likley will need that 20 percent.

    There were some x con felon programs but again most of them local, by non profits and your local broker should know what is offered.
    RobertWalker's Avatar
    RobertWalker Posts: 2, Reputation: 1
    New Member
     
    #4

    May 31, 2019, 10:43 PM
    Thank you so very much. At least this is a place to start looking because I was literally coming up with nothing and getting very frustrated.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

First time home buyer credit and Home mortgage in India [ 10 Answers ]

Hi, I'm in H1b. In 2008 tax return , I claimed my Indian mortgage interest. I bought a home in US in 2009 and claimed first time home buyer credit. But IRS said I'm ineligible to get my first time home buyer credit since last year I claimed home mortgage interest detection. Can I say IRS , the...

First time home buyer tax credit (Own home in foreign) [ 2 Answers ]

I am on an H1B visa and have been working in the US for 4+ years. I purchased a condo in India 2 yrs ago (2007) and got a mortgage (through a bank in India). I make a monthly mortgage payment out of my salary here (I have no other income) to this bank in India. On advice of my tax filers, Last...

First time home buyer [ 11 Answers ]

Hi, everyone, I am trying to buy a house in California. I am just wondering if it's possible to have 2 agents working for you at the same time in the same area? Would that create any conflict? Any advice would be appreciated.

First time home buyer [ 8 Answers ]

I did a quick browse here, and one on Google, but I was wondering if anyone knows where I can find out whether the area I am looking at buying a house in has any incentives besides the $8k tax credit. I know a couple years ago, people were talking about how some places were giving a free down...

First Time Home Buyer [ 4 Answers ]

Can you help me buy the house I live in from my parents. I moved into my Grandmothers home with my children after a divorce. My Grandmother has passed away since, and the house is in my Mother and my Aunts name and I pay them rent. I have visited this subject with them and they want to help me out,...


View more questions Search