If a Government program gives me money, can this money be used as my income to get a home loan?

Posted on Jun 11, 2024 in Stated Income Loans

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no income home loan
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Question by Jimmy: If a Government program gives me money, try can this money be used as my income to get a home loan?
My brother died 3 months ago an I am a dependent relative. He was getting assistance from Arkansas housing authority. I am able to continue receiving assistance from the Housing Authority as long as I am the sole name on the existing loan. I have no income. Can anyone out there help me?

Best answer:

Answer by golferwhoworks
with out any income there is no loan as you cannot service the debt. You cannot be discriminated against for pubic assistance by law. Equal Credit Opportunity Act

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One Comment

  1. it would be a small factor in getting a home loan, but you say you have no (other) income, so no lender will loan you money with no way of being able to pay it back. This get-something-for-free-thing is history, and one of the reasons america is in the financial mess it is, because too many people want to get a loan and cannot pay it back. You’ll need a job/steady source of income to qualify for a loan, which you do not have. Get a job before getting a home.