If you make $10/hr, you could own your own home - WMC Action News 5 - Memphis, Tennessee

If you make $10/hr, you could own your own home

(Source: Fayser CDC) (Source: Fayser CDC)
MEMPHIS, TN (WMC) -

One Memphis Community wants you to know if you make at least $10 an hour, homeownership is an option for you.
 
The Frayser Community Development Corporation (CDC) created a website to help connect people to lenders and realtors.

According to the Frayser CDC, someone who makes $10.00/hr can afford a house payment of $496.00: which is 31 percent of their gross monthly income. This will pay for a house costing up to $62,000.

At least three of the lenders listed offer down payment assistance and many waive mortgage insurance.

The Frayser CDC also offers a free HUD approved counseling program to help individuals understand the process of home ownership.

Copyright 2017 WMC Action News 5. All rights reserved.

Powered by Frankly