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