Qualifying
for Your Loan
| |
Low
income families with good credit
may qualify for low interest,
no down payment mortgages.
Getting
Your Mortgage
is Easier than you Imagined
Northwest
Housing Development has helped over 700 low income households get
approved for their mortgages.
|
Mortgages for Low-Income
Households with Good Credit
If your dream of home ownership has become a nightmare because you don't
qualify for a conventional loan this may be the solution you've been looking
for! A no down-payment, low interest loan. You must have good credit and
your household must be willing to commit to working at least 35 hours
per week building your home. By contributing 65% of the labor you eliminate
the down payment and decrease the cost of your home - making it easier
to afford.
Overview of Eligibility
Requirements
- Annual income of
80% or less than the median income for your county. (See
chart.)
- Minimum annual
income of $20,000. (varies by area)
- You have good credit.
- Your household
is available and able to commit to 35 hours per week for at least ten
months to work on your group's homes.
- You don't qualify
for a convention loan.
Getting Your Mortgage
is Easier than You Imagined
Don't worry if you've been turned down for a mortgage in the past. Your
Group Coordinator at Northwest Housing Development has helped over 700
low income households get approved for their mortgages. We can help you,
too, saving you from getting lost in seas of paperwork. If your credit
is weak in any area we'll let you know how to strengthen it.
Can I Qualify For
A Loan If I Have Credit Problems?
Probably not. However, you may have time to improve your credit situation
before applying for your mortgage. A Group Coordinator can give you suggestions
on how to improve your credit so you can qualify for a mortgage.
Credit issues that would make it hard to be approved:
- A bankruptcy within
the last 3 years.
- Accounts in collections.
- Being late on more
than one account during the last 12 months.
- Collections within
the last six months.
If you are a low or
moderate income household committed to owning your own home and willing
to do what it takes the Northwest Housing Development team is here to
make your homeownership dreams come true. Submit
your application today.
[Construction]
[Step-by-Step Process]
[Application] [Eligibility
Criteria] [Building Sites] [Frequently
Asked Questions]
|
