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Deciding Whether to Refinance a Mortgage Loan
If you're considering whether or not to refinance your mortgage
loan, you may find that the decision that you make will
influence your finances for years to come. Refinancing can be a
powerful tool to save money and receive better interest...
Home Loan Lenders - Finding the Best Home Mortgage Lender
The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding the best lender for your situation requires research and comparisons between lenders and loan packages. You may be searching for a first time...
Home Loan Mortgage Loan Refinance - Refinancing For A Shorter Term To Save Money
Saving money with lower rates isn't the only reason to
refinance. Opting for a shorter loan can also save thousands in
interest and free up income in the future. A short term loan can
also help you pay down your principal quicker.
Better...
Home Loans and Mortgages – Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more. The loans, backed...
Refinance Mortgage or Not?
Is a refinance mortgage the right thing for you? This is a difficult topic to figure out for the average person. There are several things to consider in order to make the decision about whether or not you should get a refinance mortgage. Here are...
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Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved
If you have low income and are looking to get approved for a home mortgage loan. There are many programs available to help you get approved. Whether you are looking to purchase a new home or to refinance your existing home, with the following low income home loan mortgage programs, almost anyone can fulfill their dream of becoming a home owner.
The Federal Housing Administration (FHA) home mortgage loan -
FHA is the federal agency within the US Department of Housing and Urban Development (HUD) whose primary objective is to provide an opportunity to become home owners to those with low income. To facilitate this, the FHA program offers potential borrowers two options:
- the “single family package”: which provides mortgage lending programs to those looking to buy property comprising of between one and four units.
- the “multi-family package”: which provides home loans to those looking to buy property comprising of between five or more units.
Keep-in-mind, however, that the FHA program does require that potential applicants be able to make a down-payment. In most cases this amounts to 3% of the purchase price. Countering this, however, is that the FHA
mortgage loan program normally offers interest rates below market rate, which over a prolonged period of time could end up saving you lots of money.
Veterans Administration (VA) home loan mortgage -
VA home loans operate in very much the same way as FHA loans do, the big difference is that they are provided to veterans only. The most important document in a VA home loan application is your veteran’s certificate of eligibility. But, assuming you have this, you would need no money down. Interest rates tend to be lower than market rate with VA loans. Finally, those applying for VA home loans can find out automatically if their application has been approved.
FHA & VA home loans are great ways to get into a home loan if you have low income and meet the qualifications.
To view our list of recommended online mortgage lenders, visit this page: Recommended
Mortgage Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
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