Hoping to learn about low income home loans?
If so, you’re in the right place. When it comes to saving up for your dream home, it might all start with a low income home loan.
Considering that, according to the most recent US Census, the average income in the US is $59,000, it’s no surprise that many Americans feel they can’t afford a home. That might be part of the reason why the National Multi-Family Housing Council reports that only 66% of Americans are homeowners while the other 34% live in apartments.
Now, more than ever, Americans are realizing that home ownership is a great investment in your family’s future. But, what if you’re part of the 34% who might need help?
Today we’ll go over: the benefits, the truth, the types, and money saving strategies surrounding loan income home loans.
What would you do with an extra 16 hours?
Spend more time on the things that matter most.
The benefits of a low income home loan exist on many levels. This includes, but is not limited to: being able to get below-market interest rates, obtaining a discount on mortgage insurance, qualifying for a low down payment requirement, as well as getting assistance for a down payment for different loans and grants.
No matter what lender you choose, they’d all love to have the interest the could accrue by being the one to work with you on a loan. There are a variety of types, and just because one “sounds” good, that doesn’t mean it’s the best option for you and your family. Taking the time to research what’s available, and weighing your options, is the best path to take.
Here are a few options for your consideration via MyMortgageInsider:
After you decide which type of low income home loan might be best for you, it’s time for the next milestone, thinking about other money saving strategies.
Buyer Agent Commission Rebate – If you’re buying a home, and you live in 1 of these 40 US states, you are eligible for a Buyer Agent Commission Rebate. Many real estate agents won’t rebate their commission back to you at the closing table, but some will. Companies, like Transactly, find out who those agents are and share that information with you for free.
Seller’s concession – Not all real estate agents are created equal, so finding one who has experience negotiating a seller’s concession, is in your best interest. Basically, a seller’s concession is where the person selling the home simply gives you, as the buyer, a money towards the closing.
Compare rates from lenders – According to Freddie Mac, “when buying a home, you can save thousands in interest by comparing options from several lenders.” A few examples of lenders are: Better, Quicken Loans, Rocket Mortgage, and Veterans United.
Personal loan over traditional mortgage – You can get approved for a personal loan more quickly than for a traditional mortgage, and the approval times are faster, too.
Reconsider your definition of a “house” – Technically, mobile homes are not classified as real estate, and this goes for manufactured homes and tiny houses, too. Do you really want, or need, a traditional ranch style home, or would you be happy with another alternative?
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Ultimately, it all starts researching your options, paying off your debts, cleaning up your credit, then applying for a low income home loan. If you don’t qualify for a low income home loan your first time, keep applying and keep trying.