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Mortgage Loan Tips.
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Why some people almost always get the lowest interest rate on their mortgage - for the least points - and No Junk Fees!
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Home Buyer Defense Guide.
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A step by step guide on how to take control of the mortgage process and also How to beat the brokers and avoid mortgage ripoffs. |
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Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved
Author: 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 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
About the Author
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.
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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