Will owning a home have a positive/negative impact on the amount of financial aid you receive?

I moved out of my parents house when I was 18. Since then, I have been taking classes at my local community college and have been paying out of pocket. Because I was not 24, I needed to provide my parents information. So much for that! I became a homeowner this past year and have been at my job for the last 5 years. It hasnt been easy but I make enough to pay for my mortgage and bills. I turned 24 this year and can finaly fill out my FAFSA w/o my parents information. Now, my biggest concern is that I may qualify for little or no financial aid because I'm single, have no kids and because according to the government, may make too much money. Since I am a homeowner, will that be a factor as to how much financial aid I can receive?

the house does not effect your financial aid. the amount of money you make does. the only reason people get a large amount of financial aid is because they do not have any income or very little income.

(community college) this is just for my state but if you make under 1500 a year you get full financial aid. if you make 5550-6499 you get nothing

(state college) under 1500 full financial aid and if you make 7500-8499 you get nothing

(private college) under 1500 you get a good amount of money most likely full and if you make 10499 you get nothing

this is for grants

That is a big factor!! They look at all the money you have in the bank, stocks, bonds, and equitiy. And most likely since you have no kids or wife and a house they will say you can afford it. Sorry Another idea is try for student loans if you really need the money but I would really try FAFSA it doesn't hurt to try maybe it will surprise you.

Owning a house will not affect your aid eligibility. The value of your primary residence is not reported on the FAFSA.