Can You Buy a House With Low Income

Mortgage and Lending with® A Mortgage Corporation NMLS #1326269

If you don’t have substantial earnings, it could still be possible to buy a house.

Buying a home can be challenging if you have low income, but it's an important step toward building assets and growing your net worth. Loans for low-income borrowers can make homeownership more achievable.

What Is a Low-Income Home Loan?

A low-income home loan is a mortgage that homebuyers can qualify for even if they don't have substantial earnings.
Some types of home loans set income limits. Others are open to people with higher incomes but don't exclude low-income borrowers.

Private lenders issue low-income home loans that are insured by government agencies or by Fannie Mae or Freddie Mac, the government-sponsored enterprises that back most conventional mortgages in the U.S. Certain government agencies also issue specific types of mortgages directly to borrowers.

The loan types listed below may make homeownership more accessible if you are a low-income borrower.

FHA Loans

FHA loans are offered by private lenders and guaranteed by the Federal Housing Administration. An advantage of FHA loans is that the eligibility requirements are flexible.

For more information on buying a house with low income visit the Scoop Blog

Comments (2)

Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

I initially worked with income restricted co-op's for awhile. Buyers often didn't realize how difficult of a process it would be. After having dealt with too many crazy co-op boards that reject most buyers- I have moved away from dealing with these types of co-op's. In many cases, the banks wouldn't lend to most of these buildings (the buildings are often in poor financial and physical condition). Complicating the matter- buyers couldn't sublet in these buildings and typically have a flip tax of 30% of profits when you sell. I know my market is unique and I am accustomed to working with complexity - but these were just not worth it. 

Jul 22, 2023 08:17 PM
Jackie A. Graves

Hello Adam, I completely agree with your comment. Enjoy your day and stay tuned for future posts. Thank you

Jul 29, 2023 12:51 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jul 24, 2023 02:13 AM
Jackie A. Graves

Hello Richard, I completely agree with your comment. Enjoy your day and stay tuned for future posts. Thank you

Jul 29, 2023 12:52 PM