Finance: Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved

Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved

Written by Carrie Reeder

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 repparttar

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 repparttar 138731 federal agency within repparttar 138732 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, repparttar 138733 FHA program offers potential borrowers two options:

- repparttar 138734 “single family package”: which provides mortgage lending programs to those looking to buy property comprising of between one and four units.

- repparttar 138735 “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 repparttar 138736 FHA program does require that potential applicants be able to make a down-payment. In most cases this amounts to 3% of repparttar 138737 purchase price. Countering this, however, is that repparttar 138738 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.

Poor Credit Home Mortgage Loans - The Role of the FICO Score

Written by Carrie Reeder

If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how repparttar

FICO credit scoring system works.

FICO – Fair ISAAC & Company – is repparttar 138730 leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.

The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:

1. The higher your FICO score, repparttar 138731 better chance you have of getting that home mortgage loan. Also, repparttar 138732 higher your score, repparttar 138733 more room you have to negotiate a lower interest rate.

2. If you have a FICO score lower than 500, there is very little chance you’ll be getting a mortgage home loan.

That said, if you have a score of:

500 – 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.

600 – 640 You should get a 100% home loan financing. Thats right, with no money down.

640 - 700 You should be able to be approved for a 125% home mortgage loan. 700+ You’re in repparttar 138734 drivers seat! You should be able to get an excellent rate with excellent terms.

Cont'd on page 2 ==>