Financial News & Information.

April 21, 2009

How to get a low income home loan…

Filed under: Uncategorized — admin @ 3:15 pm

When it comes to finding a home to purchase, many people simply give up their dream because they feel that they have to make a lot of money each year in order to qualify for a loan. There are such things as the low-income home loans for those who fall within credit income guidelines.

The low-income home loan is perfect for those who are currently without adequate housing but can afford the monthly payments if they had a home. There is certain criteria that has to be met in order to qualify for the low-income home loans.

Applicants must meet the following requirements:

· Must be a first time home buyer

· Must have income below 50 percent of the median income for the area to be low income

· Or have between 50 to 80 percent of the median income for the area to be of moderate income

· Must be unable to obtain credit through other means but have a credit history that is acceptable

Types Of Assistance

It basically boils down to two types of loans. There are the direct loans and the guaranteed loans that can be used to purchase a home. People who have limited income can do well with these programs as there are options out there that are geared towards helping them. Both the guaranteed loans and the direct loans can be used to build, buy, or improve a person’s residence.

Since manufactured homes are becoming a popular choice anymore, there are now options for low-income buyers so that they too can take advantage of the manufactured homes. Generally, the homes can be financed as long as they are on a permanent site, meaning these homes cannot be placed into a mobile home park. They also have to be purchased from a dealer that is approved and meet various other requirements.

Direct loans generally do not get involved with refinances, but there are always the exceptions. The home must also be located in the right kind of rural area. As you can see, there are many things that you will need to be aware of in order to make sure that you are heading in the right direction with the purchase of your first home.

Additional Programs For Low-Income Buyers

When it comes to low-income buyers, there are many options that they have to pick from. The following are good examples:

· Fannie Mae

· Freddie Mac

· Federal Housing Authority (FHA)

· Rural Housing Authority (RHA)

· Veteran’s Administration Home Loans (VA)

These are great examples of the various options that are out there for low-income first time homebuyers. With so many options out there, it is hard to imagine that there is anyone that would be unable to live the dream and own their own home.

The government and lenders want people to become homeowners as everyone then benefits. Now is the time to take advantage of all of the available options and see which is the best fit for you and your family.

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8 Comments

  1. .

    tnx for info!!…

    Trackback by Jay — October 24, 2014 @ 1:38 am

  2. .

    good….

    Trackback by Stephen — November 13, 2014 @ 1:50 am

  3. .

    thank you!…

    Trackback by jesse — November 29, 2014 @ 6:49 am

  4. .

    thanks for information!…

    Trackback by Neil — December 8, 2014 @ 8:50 pm

  5. .

    áëàãîäàðþ!…

    Trackback by Alberto — December 10, 2014 @ 9:53 pm

  6. .

    ñýíêñ çà èíôó!…

    Trackback by warren — December 17, 2014 @ 10:36 pm

  7. .

    ñïñ!…

    Trackback by luke — December 19, 2014 @ 2:21 am

  8. .

    tnx for info!!…

    Trackback by charles — January 29, 2015 @ 12:30 pm

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