Buying and owning a home can be one of the most gratifying accomplishments in a person’s life and is usually at the top of the list when dreams and future goals are being discussed. But buying a home is expensive and loans are becoming much harder to get approval for especially for those with low incomes and/or less than perfect credit. Thankfully though, there are places where home loans are made available for these very people. After all everyone deserves the chance to make a life for themselves. And what better way to help other help themselves than by improving their standard of living and giving them a reason to work hard and contribute to the overall improvement of this great country.Federal Housing Admin-Logo

If you are looking for a low income home loan but do not know where to begin the following should be very helpful. Included is information on a mix of government programs and charities that are specifically designed for helping individual like your self.

Low Income Home Loans

Help from HUD

When it comes to low income home loans the first place you should go is the website for the U.S. Department of Housing and Urban Development better known as HUD There you will find information on all areas of home buying. For example there is a calculator for figuring out how much home you can afford, a section on home buying programs by state, and probably the most useful and important section for loan seekers is the section on the Federal Housing Administration (FHA) The FHA is not a bank and does not provide loans. What they do is insure mortgage loans made by FHA approved lenders. This insurance gives the lenders protection against losses and loan defaults by paying the lender if such an event should occur. For more information you can go the HUD website or contact them at (800) 569-4287.

Veteran Home Loan Program

Another government program that can be helpful if you or your spouse happen to be a veteran is the Veteran Home Loan Program. This program is much like the FHA in that it does not make loans but guarantees the lender payment of the balanced owed should the borrower default. Other benefits of this program include caps on closing costs, no down payment and longer repayment terms. Also the VA is typically more lenient to those having financial problems than a conventional lending institution. More information on VA loan eligibility, limits and other FAQ can be found at

Habitat for Humanity

Chances are you have heard of Habitat for Humanity but do you really know what they are and what they do? Firstly they are a non-profit organization that was founded in 1978 and operates on the principal of “sweat equity” which is defined by Wikipedia as “a term that refers to a party's contribution to a project in the form of effort --- as opposed to financial equity, which is a contribution in the form of capital.” What the program does is use the combination of the future owners help plus volunteer labor, donated money, land and materials to build a home from scratch. In return the owner gets a home with a no down payment interest free loan which has a low monthly payment. The payments are then used to help others build their homes and as the cycle continues more and more people are helped.

Eligibility is limited to those that fit into a specific income range that has a minimum and maximum amount. Each state can have different limits but is typically between 30 and 50 percent of the median income of an area. To find out if you are eligible you should contact a Habitat affiliate in your area. With over 1,500 Habitat affiliates across the US chances are they are a lot closer than you might think. Contact information and answers to any questions you might have can be found at

National Council of State Housing Agencies

The NCSHA is another resource for finding state programs that help with homeownership and other housing related needs. Visit their site to find programs specific to your state.

Finding low income home loans may not be an easy task but it is possible. And with any luck one of the resources mentioned above will provide you with the loan you are looking for. But if this ends up not being the case do not give up, this list is only a few of the most common resources available so other do exists. And remember just because you do not qualify for a program now does mean you won’t in the future. So keep looking and keep trying and someday you will be able to call yourself a home owner.