If you have low income and are looking to get approved for a home mortgage loan. There are many programs available to help you get approved. Whether you are looking to purchase a new home or to refinance your existing home, with following low income home loan mortgage programs, almost anyone can fulfill their dream of becoming a home owner.
The Federal Housing Administration (FHA) home mortgage loan
- FHA is federal agency within US Department of Housing and Urban Development (HUD) whose primary objective is to provide an opportunity to become home owners to those with low income. To facilitate this, FHA program offers potential borrowers two options:
- “single family package”: which provides mortgage lending programs to those looking to buy property comprising of between one and four units.
- “multi-family package”: which provides home loans to those looking to buy property comprising of between five or more units.
Keep-in-mind, however, that FHA program does require that potential applicants be able to make a down-payment. In most cases this amounts to 3% of purchase price. Countering this, however, is that FHA mortgage loan program normally offers interest rates below market rate, which over a prolonged period of time could end up saving you lots of money.