| If you want to own your own home--but your income | | | | (your service time must meet certain criteria) or the |
| is too low for a conventional home purchase loan--you | | | | unremarried spouse of a veteran who died, became a |
| still may get approved for a Mortgage Loan if you look | | | | prisoner or was declared missing in action during |
| for an alternative solution. Even those with a low | | | | service. The Veterans Affairs guarantees the loan, |
| income and very small down payment can get | | | | which means it's easier for you to qualify for a |
| approved if they're willing to try unconventional loans. | | | | mortgage. Moreover, because the VA backs your |
| FHA | | | | loan, you may be able to get approved with a smaller |
| The Federal Housing Administration (part of the U.S. | | | | down payment, or even no down payment at all. |
| Department of Housing and Urban Development) | | | | State/Local Assistance Programs |
| offers FHA loans to folks who need a little extra help | | | | Various state and local assistance programs exist that |
| qualifying for a mortgage. FHA mortgage loans | | | | can help low income families qualify for a mortgage. |
| typically require low down payments (usually about | | | | The programs are structured to encourage home |
| 3%) and low closing costs. They're designed to help | | | | ownership. In general, you'll usually have to meet |
| people achieve the dream of home ownership, so their | | | | income requirements, meaning your salary must be |
| loan approval criteria tend to be more lenient, making | | | | less than a certain amount. The purchase price of your |
| them the perfect loan for folks with a low income. | | | | home and the type of home you buy may also have |
| Even if you have less than perfect credit, you may still | | | | to meet certain guidelines. |
| qualify for an FHA loan. They even have loans | | | | Almost any home purchase lender should be able to |
| available for manufactured or mobile homes. | | | | give you more information about these low income |
| VA | | | | loans and programs, so be sure to ask about them |
| Veterans Affairs (VA) Loans are available to | | | | when searching for your mortgage lender. |
| individuals who served in the United States military | | | | |