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Low Income Home Loans - FHA and VA Mortgage Loans Can Help
You Get Approved
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 approved.
FHA & VA home loans are great ways to get into a home loan
if you have low income and meet the qualifications.
To view our list of recommended online mortgage lenders, visit
this page: Recommended
Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans. The site has
informative articles and the latest finance news.
 MORE RESOURCES updated Sun. March / 21 / 2010
UPI.com |
New Article on Fannie Mae, Freddie Mac HARP Mortgage Refinance Program ...PR Web (press release)In a new article, AimLoan.com explains why Fannie Mae and Freddie Mac's program to refinance underwater homeowners should be expanded, as lowered mortgage ...Will Fannie Mae, Freddie Mac Short Selling Help Underwater Homeowners In Obama ...Red, White, and Blue Press (blog)Obama Admin Too Busy To Deal With Fannie, Freddie, Says Assistant Treasury ...Huffington Post (blog)Fannie Mae, Freddie Mac and The Obama Underwater Mortgage Home Affordable ...Red, White, and Blue Press (blog)all 270 news articles » |
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