Welcome to Home Mortgage
Best Home Mortgage Interest Rate Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved
from: Carrie ReederIf 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.
Best Home Mortgage Interest Rate News
Home mortgage refinance rates are low
Home mortgage refinance rates are low right now. How can you capture the best rate?
Read more...The wasted 4.44% mortgage rate
It appears even the bright spots of this tired economy are still working against heavily indebted homeowners. Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them.
Read more...Mortgage Bonds Lose Ground With Home Refi Boom: Credit Markets
Fannie Mae, Freddie Mac and Ginnie Mae bonds tied to home loans returned 34 basis points, or 0.34 percentage point, less than U.S. debt last month, Barclays Capital indexes show. Fannie Mae's 6.5 percent bonds maturing in about 24 years fell 0.75 cent last month to 108.9 cents on the dollar as 4.5... Investing - Business - Mutual fund - Dot-com bubble - Funds
Read more...How to Find the Best High-Dividend Stocks
Here are several lists, reflecting differing risk profiles; find the best fit for for you.
Read more...Mortgage Bonds Lose Ground as Homeowners Grab Lower Rates
Government-backed U.S. mortgage bonds underperformed Treasuries in August amid concern federal intervention will spark a refinancing wave
Read more...Three Essential Reads on The Housing Market Right Now
Smart reads about America's once-favorite pastime.
Read more...How financial reform will work
Almost two years after the near collapse of the U.S. financial system, a sweeping reform package has finally been signed into law. Now the real work begins.
Read more...