Consumption and Real Estate
Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?
Question : Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?
Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that actually makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you unless you have good credit. If your actually low income you can’t afford to buy anything on credit (even if you could find someone to extend you credit), thus your credit is considered poor because you don’t have any credit history. The catch 22.
low income home loans
Best answer:
Answer by katb
If you live in a rural area than look for a bank that does Rural Development loans. Up to 115% financing for low-moderate income. Otherwise look for a bank that does FHA loans.
Hello
I am a broker. Do you make 2k a month? How much is the house that you are looking at? Do you have a down payment? or is the seller of the property willing to give you a seller held second on the property plus pay your closing costs. If you can answer these questions realistically, then i can help you acheive your dreams, the rate might not be favorable but your credit score might be higher than what you think it is. A credit report that you pull of line is actually lower than a mortgage credit report. What state are you in?