There are many programs and strategies available for buyers who have low income to obtain affordable housing.
Fannie Mae and Freddie Mac both have affordable housing programs designed specifically for the low income borrower.

Some programs allow you to purchase a home with as little as $500. These programs also have lower monthly mortgage insurance and have a low fixed rate.

These programs will also allow you to state secondary income up to 25% of your verified income or $1200 which ever is less. This is helpful for people that have second jobs where they are paid in cash or hard to verify income.

If you have had someone living with you for at least one year that pays you rent, there are even programs that will allow you to include the rent you receive as part of your income.

 

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