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Low down payment optionsFlexible credit requirementsReduced mortgage insurance
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A low-income home loan is a type of mortgage that helps families with incomes below the area median income level buy a home. It has flexible credit, a lower down payment, and rules about who can get one based on their income. Continue Reading...
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.
