Low income home loans

Low income home loans are more of a possibility in the U.S. when the government steps in to insure or guarantee loans with a low down payment. These can be obtained through the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) or the U.S. Department of Agriculture's Rural Housing Services (USDA-RHS). These low income home loans make it possible for many families to enjoy the benefits of home ownership: security, a valued investment, financial benefits, tax deductions, and community stability. Plus, they do not require a 20 percent down payment. With federal insurance, one does not need a down payment of 0-5% of the home value because the government is acting as the guarantee for the low income home loan. Fannie Mae, Ginnie Mae, and Freddy Mac are nicknames of federal investment programs.