Puchasing a Home With Low Income

Do you have a strong desire to own your first house but feel like you'll need to continue to rent due to a low income? If you are nodding your head yes, you're not alone. Lots of buyers feel like they are locked out of the housing market due to a low income. Buying a home with a lower income, while challenging is not impossible by any means.

Now more than ever there are specific mortgage programs that are designed for those who have low incomes but better than average credit scores. One of the more popular financing options among first-time home buyers is an FHA loan. With FHA loans you are able to put down a meager 3.5 percent of the purchase price. The FHA loan program gets a significant amount of buyers into homes, who would otherwise not qualify.

If you have served in the military or are serving currently you could also opt for a VA loan. The benefit of going with a VA mortgage is the ability to put zero money down! As you have probably already guessed, one of the most significant obstacles to owning a home is the lack of a viable down payment. Both VA loans and USDA loans solve this problem for borrowers who have not been the best about saving money.

In the article reference above at Maximum Real Estate Exposure, you will see a complete review about everything you need to know about buying a home with low income. You will learn the best first-time buyer mortgage programs, along with guidelines on minimum credit scores from various loans.

If you know someone who could benefit from the information, please pass it along. Lots of folks pass on becoming a homeowner due to their lack of knowledge when it comes to home buying qualifications. Joining the ranks of home ownership is more possible than one might think.