Finance USA

May 25 2017

How to Get an FHA Mortgage Loan for Low-Income People #where #can #i #get #a #loan

#low income loans

How to Get an FHA Mortgage Loan for Low-Income People

FHA-insured loans allow lenders to assist low-income individuals with purchasing homes.

Assess your ability to acquire a mortgage loan. The lender will determine the maximum amount you can borrow based upon your debt to-income ratio. Your monthly mortgage payment must be less than 31 percent of your monthly gross income. Your monthly debt cannot be higher than 43 percent of your monthly income. If you’re purchasing a new home, the purchase price of the home should be within the maximum loan amount that you qualify for.

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