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Low Income Home Loans - Fha And Va Mortgage Loans Can Help You Get Approved
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 Read more...
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Low Income Home Loans - Fha And Va Mortgage Loans Can Help You Get Approved
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 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) 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 application is your veteran’s certificate of eligibility.
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