Reviewed by Doretha Clemon Fact checked by Heather van der Hoop If you’re in the market to buy a home and you’re not a high-income earner, you know how difficult it can seem to make your homeownership dreams a reality.
However, you may have more options than you think. You might also have the impression that those goals are getting harder and harder to achieve. Since the financial crisis of 2008, home prices have increased three times faster than income, according to a recent 2021 study.
However, not all of it is bad news. A surprising number of mortgage options and programs are available to assist potential homebuyers with incomes below certain thresholds.
There are numerous programs to assist low-income individuals in purchasing homes.
“Low income” is not defined in a single way. Instead, the eligibility requirements for each program to assist low-income homebuyers are distinct.
