Bad Credit Article: Low Income? Don't Sweat it, Get Approved for a Home Mortgage Loan Now

Low Income? Don’t Sweat it, Get Approved for a Home Mortgage Loan Now

If you are looking to purchase a new home but your income is inadequate, you can still get approved for a loan. The Federal Housing Administration (FHA) offers loans to people with poor credit and low income who have a hard time obtaining approval from lenders. This type of mortgage loan requires low down payments and low closing costs, two features designed at catering to those who need a little extra help.

Get Up to 4 Competing Quotes From Top Lenders In Two Simple Steps. Free Quotes. NO SSN# Required. No Credit Check. Bad Credit OK. No Obligation. What type of loan are you looking for? Mortgage Refinance Home Equity Debt Consolidation New Home Loan What is the property type? In what state is the property in question located? Single Family Residence Multi Family Residence Condominium Mobile Home Manufactured Home - Select One - Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming How would you rate your credit? Excellent Good Fair Poor

There are also Veterans Affairs (VA) loans available to those who served in the US military for a specified period of time, or the widowed spouse of a deceased veteran. The VA guarantees the loan, making it easy to qualify. Also, since the VA backs your loan, you may not even have to pay a down payment.

If neither of the aforementioned options is what you are looking for, you may seek approval from various state and local assistance programs. These aim at helping low income families qualify for a home mortgage loan. Typically, state and local programs such as these require you to meet an income standard, usually set as a maximum, which your salary cannot surpass. You should seek advice from multiple lenders and get more information so that you can choose an option that is most beneficial to you and meets your financial needs. Click to view our California Bad Credit Loan, programs.