Low Income Home Loans
And VA Mortgages
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 the
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 the federal agency within the 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, the FHA program offers
potential borrowers two options:
- the "single family package": which provides mortgage lending programs to those
looking to buy property comprising of between one and four units.
- the "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 the FHA program does require that potential
applicants be able to make a down-payment. In most cases this amounts to 3% of
the purchase price. Countering this, however, is that the 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.
Veterans Administration (VA) home loan mortgage
- VA home loans operate in very much the same way as FHA loans do, the big
difference is that they are provided to veterans only. The most important
document in a VA home loan application is your veteran's certificate of
eligibility. But, assuming you have this, you would need no money down. Interest
rates tend to be lower than market rate with VA loans. Finally, those applying
for VA home loans can find out automatically if their application has been
FHA & VA home loans are great ways to get into a home loan if you have low
income and meet the qualifications
To see a list of recommended mortgage loan companies online, visit this page:
- Carrie Reeder is the owner of ABC Loan Guide, an informational website
with articles and more about various types of loans.