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: http://www.abcloanguide.com/mortgageloans.shtml