Where are the low-income home mortgage lenders that actually make home loans to families with low incomes?

Posted on Oct 3, 2012 in Stated Income Loans

Question by David: Do they verify income for HARP refinance?
Under the new HARP rules, erectile ambulance I qualify and have been current on my mortgage. But my income is typically lower than what most banks would typically qualify for a mortgage. In other words a high debt-to-income ratio.

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Answer by Darren
Generally no. A bank may ask for that information in an application but your ability to repay is judged based on the payment history, If you have been on time in the last 12 months, Fannie Mae and Freddy Mac consider you able to repay.

The exception is if your monthly payment were to increase by 20% then you would need a 45% or less debt to income ratio.

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Question by Sunshine: First time home buyer, patient FHA loan or other Mortgage lenders?
Looking at buying a house soon (hopefully) but I’m wondering if I should look at getting a FHA loan? Looks like a better deal as far as getting into a house but if I get pre-approved for a FHA loan do I have to buy a HUD home or FHA approved home? How does that work? My credit is around 714 and I will have about $ 3000-5000 to put down and pay closing by the end of september if that helps.

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Answer by Mom
FHA with low down payment can be used for any home. You will pay a monthly PMI payment that does not go toward principle, order escrow or interest.
Conventional is 20% down. If you have no problem flushing 100 or 200 a month down the toilet then go FHA

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Title: Condominium housing, sildenafil North Larrabee Street

Description: View of play area and newly constructed condominium housing at 1800 North Larrabee Street, thumb seeking northeast from the northeast corner of the intersection of North Larrabee Street and West Menomonee Street.
Photograph credit: Brubaker, C. William, 1979

Date: 1979 (1800 North Larrabee)
Geographic coverage: Lincoln Park (Chicago, Ill.)

Collection: C. William Brubaker Collection (University of Illinois at Chicago)
Repository: University of Illinois at Chicago. Library. [Visual Resources].
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Question by Stephen C: 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), viagra dosage thus your credit is considered poor because you don’t have any credit history. The catch 22.

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.

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2 Comments

  1. The places that advertise low income mortgages typically have high interest. Be careful. I’d start by going to your local bank or lender and get yourself pre-approved to find out what you qualify for and go from there.

  2. 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?