Low Income Mortgage Programs
Contents
Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.
This program is set up specifically as a home loan for low income families. Also known as Section 502 loans, they are available to individuals with very low and low incomes, defined as 50% to 80% of the area’s median income. You can have a 33 year term, or even a 38 year term in some cases.
Pros Wide variety of terms, including 10-, 15-, 20-, 25- and 30- year fixed-rate mortgages and ARMs with 3/1, 5/1, 7/1 and 10/1 terms. Offers Fannie Mae and Freddie Mac programs for low- to.
Average Down Payment For First Time Home Buyer Home Buying Programs For Bad Credit Home Loans for Bad Credit | Blue Water Mortgage – First time home buyer. home Improvement Loans. Non-owner occupied mortgage. home equity Line of Credit (HELOC). With Blue Water Mortgage as your mortgage broker, your bad credit will no longer be a barrier between getting a home loan and buying a home.