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Low Income Home Loans - Fha And Va Mortgage Loans Can Help You
By Carrie Reeder, Thu Dec 8th
If you have low income and are looking to get approved for ahome mortgage loan. There are many programs available to helpyou get approved. Whether you are looking to purchase a new homeor to refinance your existing home, with the following lowincome home loan mortgage programs, almost anyone can fulfilltheir dream of becoming a home owner. The Federal Housing Administration (FHA) home mortgage loan - FHA is the federal agency within the US Department of Housingand Urban Development (HUD) whose primary objective is toprovide an opportunity to become home owners to those with lowincome. To facilitate this, the FHA program offers potentialborrowers two options:
- the “single family package”: which provides mortgage lendingprograms to those looking to buy property comprising of betweenone and four units. - the “multi-family package”: which provides home loans to thoselooking to buy property comprising of between five or more units. Keep-in-mind, however, that the FHA program does require thatpotential applicants be able to make a down-payment.
In mostcases this amounts to 3% of the purchase price. Countering this,however, is that the FHA mortgage loan program normally offersinterest rates below market rate, which over a prolonged periodof 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 loansdo, the big difference is that they are provided to veteransonly. The most important document in a VA home loan applicationis your veteran’s certificate of eligibility. But, assuming youhave this, you would need no money down. Interest rates tend tobe lower than market rate with VA loans. Finally, those applyingfor VA home loans can find out automatically if theirapplication has been approved. FHA & VA home loans are great ways to get into a home loan ifyou have low income and meet the qualifications. About the author:To see a list of recommended mortgage loan companies online,visit this page: http://www.abcloanguide.com/mortgageloans.shtml - Carrie Reeder is theowner of ABC Loan Guide, an informational website with articlesand more about various types of loans.
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