Low Income Home Loans – FHA and VA
There are Low Income Home Loans available. These particular loans are designed for those who want to have their own home but are unable to qualify financially for any of the conventional loans. These special loans can also have special terms and lower fees than regular loans.
Most Low Income Home Loans are offered through the government. Two of the most common loans that you can consider are the FHA (Federal Housing Administration) loans and the VA (Veterans Affairs) loans. Both are unique and designed for certain individuals and/or families to assist them with obtaining their home ownership goals.
FHA Low Income Home Loans
This type of loan offers down payments that are low to zero as well as low to zero closing costs. The qualifications are straight forward and your credit is looked upon as harshly as with a conventional loan. An FHA loan is more for those who are:
- first time home buyers
- if you are interested in purchasing a home that requires a great deal of repair
- a great option for those 62 and older
- considering drastic energy efficient improvements
- if you are considering a mobile or manufactured home
You can contact an FHA lender that is in your local area or you can contact the HUD (Housing and Urban Development) department for more information. When inquiring about this type of loan, ask all the questions you can and ask for information to be sent to you if possible. The options to buy your own home do exist, and FHA loans have been and still are one way.
VA Low Income Home Loans
These loans are for those who support and protect the United States of America. The benefits are for Veterans who are or who have served the United States. The requirements and limits for such loans can change from year to year, so it’s best to ensure that when obtaining information it’s the most current available. There are military service requirements for serving:
- active duty/reserves
- unremarried surviving spouses/spouses of a POW or a MIA serviceperson
Each particular status noted above has a particular set of dates, length of time and criteria that must be met in order to qualify. The qualifications are quite broad so if you are a VA, there is bound to be an opportunity for you to purchase a home. Accessing this financial assistance is provided as a benefit for serving your country.
For the servicepersons and if discharged dishonorably, your application will be reviewed to determine if you would qualify. For further information in regards to this, you would need to contact your local representative. The more information you have, the better off you are.