Learn About Low Income Home Mortgage Loans
If you are looking to purchase a new home but your income is inadequate, you may still qualify for low income home mortgage loans. 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.
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. This is a great home mortgage loan option for low income individuals or couples.
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 learn more about California bad credit loans.