| When it comes to finding a home to purchase, many | | | | manufactured homes. Generally, the homes can be |
| people simply give up their dream because they feel | | | | financed as long as they are on a permanent site, |
| that they have to make a lot of money each year in | | | | meaning these homes cannot be placed into a mobile |
| order to qualify for a loan. There are such things as | | | | home park. They also have to be purchased from a |
| the low-income home loans for those who fall within | | | | dealer that is approved and meet various other |
| credit income guidelines. | | | | requirements. |
| The low-income home loan is perfect for those who | | | | Direct loans generally do not get involved with |
| are currently without adequate housing but can afford | | | | refinances, but there are always the exceptions. The |
| the monthly payments if they had a home. There is | | | | home must also be located in the right kind of rural |
| certain criteria that has to be met in order to qualify for | | | | area. As you can see, there are many things that you |
| the low-income home loans. | | | | will need to be aware of in order to make sure that |
| Applicants must meet the following requirements: | | | | you are heading in the right direction with the purchase |
| · Must be a first time home buyer | | | | of your first home. |
| · Must have income below 50 percent of the | | | | Additional Programs For Low-Income Buyers |
| median income for the area to be low income | | | | When it comes to low-income buyers, there are many |
| · Or have between 50 to 80 percent of the | | | | options that they have to pick from. The following are |
| median income for the area to be of moderate | | | | good examples: |
| income | | | | · Fannie Mae |
| · Must be unable to obtain credit through other | | | | · Freddie Mac |
| means but have a credit history that is acceptable | | | | · Federal Housing Authority (FHA) |
| Types Of Assistance | | | | · Rural Housing Authority (RHA) |
| It basically boils down to two types of loans. There are | | | | · Veteran's Administration Home Loans (VA) |
| the direct loans and the guaranteed loans that can be | | | | These are great examples of the various options that |
| used to purchase a home. People who have limited | | | | are out there for low-income first time homebuyers. |
| income can do well with these programs as there are | | | | With so many options out there, it is hard to imagine |
| options out there that are geared towards helping | | | | that there is anyone that would be unable to live the |
| them. Both the guaranteed loans and the direct loans | | | | dream and own their own home. |
| can be used to build, buy, or improve a person's | | | | The government and lenders want people to become |
| residence. | | | | homeowners as everyone then benefits. Now is the |
| Since manufactured homes are becoming a popular | | | | time to take advantage of all of the available options |
| choice anymore, there are now options for low-income | | | | and see which is the best fit for you and your family. |
| buyers so that they too can take advantage of the | | | | |