Buying A House With Low Income: Loan Options, Tips And More
Author:
Kevin GrahamAug 26, 2024
•9-minute read
Wondering if you earn enough to qualify for a mortgage and purchase a home? You aren’t alone.
While home buyers share common challenges when purchasing a home, trying to buy a house with a low income can present even more challenges. Fortunately, borrowers have a variety of loan options and programs available to help make homeownership more attainable for would-be homeowners with lower wages.
Learn everything you need to know about buying a house with low income.
Can You Buy A House With Low Income?
Though there’s no minimum income requirement for buying a home, it can still be tricky for low- to moderate-income buyers to get approved for a mortgage and purchase a home.
Besides meeting loan and lender requirements for credit and debt-to-income ratio (DTI), buying a home involves a lot of costs, such as a mortgage down payment. However, certain loan types or programs can put homeownership within your reach.