You do not have to fear about not being able to buy a house if you have a low income. When you hire Shamika, you are hiring an agent that will help you get the home of your dreams, no matter your income status.

Buy a Home with Low Income

It can seem like owning a home is completely out of reach if your income is low. However, it is possible to buy a home, no matter your income status. There are many government programs and alternative ways to buy a home with low income. However, you might need help trying to sort through all of these programs.

Thankfully, you have someone on your side that can help. Shamika has had many years of experience helping individuals and families realize their dream of buying a home even if they are a low income household or have a low credit score. Knowledge is one of the most valuable tools you can have, and Shamika would love to explain the options you have if you are looking to buy a home with low income. Call Shamika today at 407-930-9570 and get on the path of homeownership today.

Programs Available To Buy A Home With Low Income

The US government has set up multiple programs to help make purchasing a home a bit easier. The HUD or The Department of Housing and Urban Development is responsible for offering federal programs to help you buy a home. The following are HUD programs that are provided to those who qualify for assistance:

  • FHA Loans for First Time Home Buyers
  • Homeownership Vouchers
  • Indian Home Loan Guarantee Program
  • Programs for Service Members and Veterans
  • Programs for Rural Residents
  • State Programs
  • Foreclosure Properties

Educating yourself on each of these HUD programs will help you better determine which program falls into your specific qualifications and needs. We will briefly explain the eligibility and assistance that come along with each of these home buying programs.

Federal Housing Administration Loan

An FHA loan or Federal Housing Administration Loan can be a good choice for a first-time homebuyer. This program doesn’t lend you money directly but instead makes sure that you receive a mortgage. The FHA Loan benefit is that your down payment can be as low as 3.5%, you don’t need to have a high credit score, and you may even get some closing costs covered. The loan does require you to go through an FHA-approved lender.

HUD Homes

Unfortunately, not everyone can keep up with their FHA loan, and when that happens, HUD takes ownership of the property. These homes are then considered HUD real estate owned properties or HUD homes. The government outlines eligibility by your credit score, ability to secure a mortgage, and your down payment. An experienced real estate agent can help you purchase these HUD homes through the government’s HUDHomestore.

Homeowner Voucher Program

This HUD program is an excellent option for families that wish to buy a home with low income. The eligibility standards are developed at the local buyer, but the HUD does have preliminary standards you must meet. If you are a first-time homebuyer, meet the minimum income requirement by your local housing authority, you are a full-time worker for at least one year (or another adult in your family), and complete a homeownership and housing counseling program, you may qualify for a homeowner voucher. If you secure a homeowner voucher, a real estate agent will help you with your home search. 

Buy A Home With Low Income With Shamika

At Shamika Sells, our real estate agent, Shamika, can help people who wish to buy a home with low-income. Shamika is a Florida native and knows the Brevard Housing Market like the back of her hand! She is exceptionally versed in helping those with low credit, low income, and others with other obstacles preventing homeownership. Shamika can help educate you on different assistance programs and ways to buy a home with low income. Not only can she help with buying assistance, but she can also help people with their credit. If the only thing preventing you from buying a home in Brevard is your low credit score, Shamika offers credit counseling services. Thanks to years of experience with credit and real estate, she makes owning a home achievable for everyone. If you are interested in finding affordable housing in Brevard County, call Shamika today at 407-930-9570. Stop putting off your dream of buying your very own home.