Low Income Home Loans
For those people and families in the very low to moderate income bracket, there are special programs available for you to obtain a mortgage so that you can buy a home. Often, low income home loans are offered by the government and by banks for those who cannot afford a traditional home loan.
A low income home loan can be used to purchase a new or used manufactured home. These loans can also be used to fund home improvement projects that will improve the overall condition of a property.
In order to qualify for a low income mortgage, applicants must be in the very low (below 50% of area median income), low (between 50-80% of AMI) or moderate (below 115% AMI) income range. The applicant must also currently be without housing and able to afford monthly housing payments.
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