Home Loans For Low Income Families

If finding home loans for low income families is important to you, then you should know that there are opportunities out there for you to own a home. While you may not qualify for an FHA loan because of your income, it’s totally possible to qualify for another type of home loan. There are 3 home loans that you can possibly qualify for.

The first home loan is not financed through the banks nor through the government. Often times, you may not even have to put any money down. On occasion you will, but you’ll never have to put down more than 2% of the purchase price, if any at all.

So what kind of home loans for low income families am I talking about? Well, this first loan is considered a lease-to-own home. It works like this. You find a homeowner who is having difficulty selling their home (and who isn’t in this market) and offer them a lease option (or rent to own). Try to negotiate the loan so you don’t have to put any money down, which works in most cases, but in a few you’ll have to put something down. Instead of paying the bank a mortgage payment, you’ll pay the homeowner a monthly amount just like you were renting, after you draw up a lease to own contract. You draw up your loan terms and let the homeowner know when you intend to buy. For instance, you could do a 36 month lease to own, which means after 36 months, you will apply for the mortgage. If you pay your payments on time every month, then the bank will look favorably upon you. Also, during this time your landlord has the option to declare a certain percentage of your monthly payment as a ‘down payment’.

The next home loans for low income families that you may be eligible for is known as a rural housing guarantee loan. Eligibility requires applicants to have an income up to 115% of the median income of the area and be without appropriate housing.

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5 Responses to Home Loans For Low Income Families

  1. tammy says:

    we went .through a tornado. joplin, mo. and had to move. my husband have it find a job, yet. but was told in two days he would start one. we went ahead and brought a house. the money we saved is almost gone. and we needed money till his first .paycheck.

  2. shannon marie says:

    Hi. I am a disabled mother who has m.s. etc.. I have lived in ky all of my life, for the most part. I live on a very limited income because of my disability. I moved to florida in july of this year, my parents live down there and asked me if I would live there with them to help out and to be with them when it is their time to go to HEAVEN. I lived in florence ky in a beautiful condo, all new furniture, absolutely amazing. I was on section 8, I had to do a portability from boone county to polk county fl. I did that, I found a place, had it inspected, it passed and then I heard absolutely NOTHING from polk county.. I figured they were fine and was going to pay for the place.. I was WRONG… I called the polk county office and they said that they SENT MY VOUCHER BACK TO BOONE COUNTY SECTION 8, IN KY!! I was SHOCKED.. Why would they do that when I reside in florida? I called BOONE COUNTY SECTION 8, they informed me that they did have my voucher that was sent from polk county, and, that it was EXPIRED.. I DID NOTHING WRONG… THIS IS SO WRONG ON SECTION 8, NOT ME.. I loaded up my car, and, came back to boone county ky.. I need someone to help me get a home for me and my daughter.. She is 15.. It is just her and I.. We are in a weekly rate studio/hotel for this week.. I am almost out of money completely and have NO PLACE TO CALL HOME.. PLEASE IF ANYONE CAN HELP ME, CONTACT ME ASAP.. THIS IS AN URGENT SITUATION. I CANT HANDLE MY M.S. VERY WELL UNDER SO MUCH STRESS. THANK YOU FOR READING AND I LOOK FORWARD TO TALKING WITH YOU.. GOD BLESS YOU AND YOURS.

  3. letise l merrick says:

    I’ am a single mom with a 4yr old son in need of a place to live were we are staying at we have to be out in 3 weeks I have no income I ‘m seeking work but haven’t found one yet please help us out with a place to live

  4. harry donlon says:

    My name is harry an I have a family of 6…my wife and I an 4children…I am stepfather to 3 an their father is evicting us …we have NO WHERE to go an require help to find a home I can afford…3bedroom with a basement is all I’m looking for as I don’t know yet cwhat I’d qualify for…please if anyone can help me I would appreciate it..thank you

  5. hi im intrested in a loan for a first time buyer single mom with disabled children…

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