Home Loan Programs for Low-Income Households

These home loans for low-income buyers put homeownership within your reach.

Find the right home loan program for you

AmeriSave is proud to offer low-income home loan programs to help make the dream of homeownership a reality for everyone. Compare rates and terms to find one that works for you.

HomeReady® mortgage

The HomeReady® mortgage program helps low- to moderate-income borrowers achieve the dream of home ownership with flexible credit requirements, low down payment options (as low as 3%), and competitive interest rates.

Home Possible® mortgage

The Home Possible® loan provides low- to moderate-income borrowers with many similar benefits to a HomeReady® mortgage, with interest rates as low as 3%. It also allows for non-occupant co-borrowers — perfect when you need a family member to help qualify.

Other low-income programs

HomeReady® and Home Possible® Very Low-Income Programs (VLIP) offer enhanced benefits like reduced mortgage insurance and flexible credit guidelines. These programs give borrowers earning 50% or less of the area median income (AMI) options to reach their homeownership goals.

Make homeownership possible

Home loans for low-income borrowers break down financial barriers. These products offer low down payments, flexible credit requirements, and reduced mortgage insurance to ease the burdens of applying for them. Programs like HomeReady® and Home Possible® make achieving your dream of owning a home easier. A Mortgage Expert is ready to guide you through the process.

Explore mortgage loans to buy a home with AmeriSave today.

Low down payments

These loans require much smaller down payments — as low as 3%.

First-time buyer credit

VLIP buyers can use a $2,500 credit for their down payment or closing costs.

Homeownership education

Take advantage of free online education about responsible homeownership to ensure your eligibility.

Flexible funding

Your down payment can come from multiple sources. There’s no minimum for personal funds.

Qualify for a low-income home loan program

1 Check your eligibility

To qualify for these loans, your income typically must not exceed 80% of the AMI (50% for the VLIP program). Use online tools or consult AmeriSave to confirm eligibility.

2 Collect your down payment funds

HomeReady® and Home Possible® loans require a minimum down payment of 3%. You can cover this cost with gift funds from family or employer assistance.

3 Budget for closing costs

Don’t neglect closing costs. These range from 2% to 5% of the home price, including lender fees, title insurance, and property taxes. You may roll these costs into your mortgage or even negotiate seller assistance.

4 Demonstrate creditworthiness

You’ll need to maintain creditworthiness to meet loan requirements. A stable job, prompt bill payments, and a low credit card balance can help your approval and impact your credit score and mortgage rates.

5 Take a home buyer education course

Homeownership comes with new responsibilities, like budgeting for maintenance and understanding mortgage payments. Both HomeReady® and Home Possible® loans require first-time home buyers to complete an online education course.

6 Get approved with a lender

Pre-approval shows how much home you can afford and strengthens your offer when you find a house. Get preapproved with AmeriSave.

Veron M. | Lawrenceville, GA

The process has been very quick and easy for a first timer like myself. Being able to provide things on-line via chat u0026amp; email lets me handle things while taking care of other tasks.

Sprak | Charles Town

I cannot imagine an easier experience with anyone else. Everyone is friendly, helpful and simply caring. Love working with them.

Jason S | Elephant Butte, NM

Fantastic. Great company and staff. Professional and quick. The process from beginning to end was painless and speedy. Would recommend with 10 stars.

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Frequently Asked Questions

Some of the best loan programs for low-income buyers include HomeReady® and Home Possible® mortgages. These offer low down payments and flexible credit requirements. Depending on your financial situation, FHA and conventional mortgage loans can work for some borrowers.

You may qualify for a HomeReady® mortgage if your income is 80% or less of the AMI and you meet specific credit and down payment requirements. Use AmeriSave’s tools or speak with a loan officer to check your eligibility and explore your mortgage loan options.

A HomeReady® mortgage is a Fannie Mae-backed loan for low-to-moderate-income borrowers. It features low down payments (as little as 3%), reduced mortgage insurance, and flexible credit guidelines to make homeownership more accessible. This loan is ideal for first-time home buyers[SA1] or multi-generational households.

Freddie Mac’s Home Possible® loan program helps low-to-moderate-income borrowers afford a home. It also offers low down payments (as low as 3%) and flexible credit terms. This is a great option for buyers who need co-borrowers or who want to maximize affordability.

Who qualifies for a Home Possible® loan?

Borrowers with incomes at or below 80% of the AMI may qualify for a Home Possible® mortgage. You may also qualify if you require a non-occupant co-borrower to help support your loan application.

Get Started and Talk to a Loan Expert