How to Get a Low Income Housing Loan

In this weak economy, more and more people are turning to low income loans or low income housing grants instead of dealing with banking institutions and high interest rate mortgages. With all of the foreclosures going on all across the united states, the best bet for a home loan is a low income loan. There are very few qualifications and the low income home loans are very easy to get as long as you have low to moderate income. Below are the two main resources for getting a low income home loan. These resources include the USDA and the Department of Agriculture.

The USDA has specialized programs that offer home loans to people who have low to moderate income. These two low income home loan programs are called the "Rural Housing Guaranteed Loan" and the "Rural Housing Direct Loan". The key is to find out which loan program best fits what you are looking for in a low income housing loan. To get a better understanding of these two types of low income home loans, visit the main USDA page that host these two types of home loans at http://www.rurdev.usda.gov/HSF_SFH.html.

Once you have looked over both low income loan types, visit the USDA office near your home town to fill out a application and to get more information on the home loan. All larger cities have a USDA office. If you do not know where your local USDA office is located, you can visit the web address below to find out.

http://offices.sc.egov.usda.gov/locator/app?state=us&agency=rd

Once that you visit your local USDA office, inform them that you are there to fill out a application for one of the low income loans. Fill out the application and go over all of the information with the USDA representative.

The two types of low income home loan types mentioned above are not the only two but they are the two easiest to get as long as you have low to moderate income and a family.

Just like the specialized low income home loan programs that the USDA offers, the Department of Agriculture also offers different types of low income home loans. You can either visit your local Department of Agriculture to find out all of the different types of low income home loan programs and fill out the application there at the office or you can call the main office number and have the application sent to your address. Here is the main phone number below.

Call 202-447-7967 and ask to speak to the administrator over the low income home loans. Once you are connected, you can either set up and appointment along with the directions to your local DOA or you can have the application sent to your home. If the phone number above has changed, you can look in your local phone book under the Department of Agriculture to get the number to your local office and go from there. I always recommend to go to the main office and speak to the DOA representative face to face. This way you can not only find out all of the information about the low income home loan programs but you can also inform the representative just how serious you are about getting the loan. Develop a good repor with the representative and you will increase your chances of getting a low income home loan. Show the rep why you need the loan. Explain how the loan will affect your family. In other words, sell yourself to the representative. Just because the DOA has these types of low income home loan programs does not mean that you will get approved for it. Each year, there is a certain amount of money allotted to each DOAs state. The more that you prove to the representative that you need the loan, the more you increase your chances of getting the loan.

Keep in mind that these types of low income home loans were especially designed for low to moderate income families. Basically, they are home loans just waiting for you to apply for them. They were created for you. All you have to do is take the first step.