Low Income Households-Options For Home Loan

​One of your long-term ambitions may be to own your ideal home. You also want to be able to live comfortably. Nonetheless, this dream is challenging for other families who are struggling financially.

So if you’re among the population of people who belong to a low-income household, here are some good mortgage options you can grab. Read to know more!

Homeloans By The Government
The first option is seeking help from the government. Their goal is to house every citizen to maintain a good working relationship. Government-aided agencies like the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) offer mortgage options. At affordable rates, they have programs specifically for the underprivileged population. 

To avail of their services, you have to meet specific criteria. Since these are government-backed mortgage options, it comes with certain requirements,  minimums, down payments, and perks. As a bonus, you can enjoy low rates, less risk in investment, and better terms.

FHA Loan Program
Another option you can try is the FHA loan program. You don’t have to worry about your credit score and available downpayment, as you’ll be required to pay upfront. Compared to the government-backed option, FHA is more accommodating because they help the first-timers who want to invest in the home market. 

How can you enjoy its perks? You need to have a median credit score of 580. You also have to prepare for a downpayment amounting to at least 3.5% of the home’s total cost.

VA loans
For veterans, members and active spouses under the low-income household can be eligible for VA loans. The program is designed to help current and former militia access various public or private loans at reasonable prices. 

Good Neighbor Next Door program
Lastly, you can use the Good Neighbor Next Door Program if you’re a government employee. Under this, you can buy a house with a guaranteed 50% off. As long as you’re a K-12 educator, law enforcement officer, medical technician, and firefighter, you’ll be eligible. 

Conclusion
Whether you served in the military or were a public servant from a low-income household, you’ll be qualified for the mortgage options given. Remember to check your requirements and qualifications as you apply for available loan programs.

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