How to get a low income mortgage loan?
If you feel like you’ll never be able to get into the home you want because of your income, a low income mortgage loan maybe the answer. According to the Canada Mortgage and Housing Corporation, 20 percent of families and individuals in Canada cannot meet their housing needs on the basis of the marketplace. This is why there are so many collaborative programs involving government agencies, nonprofit entities, industrial partners and regional government organizations. They provide access to housing opportunities at a more affordable level, with just the CMHC investing $2 billion each year to improve housing access for people with low income levels wondering how to get a low income mortgage loan.
Some of this money goes to supporting more than a half million families and individuals who are living in public housing, both on and off reserves. It also includes about $240 million that goes to affordable housing opportunities, both existing and new, through the Investment in Affordable Housing (IAH) program. This program works with territorial and provincial governments to give residents access to affordable housing that is tailored to the needs of the community. Territories and provinces match the investment from CMHC.
How to get a mortgage with low income?
If you qualify, many programs out there can bring you access to affordable housing. In Alberta, this is available in four different programs: the Regular Rent Supplement Program, the Direct to tenant Rent Supplement, the Residential Access Modification Program and Special needs Assistance for Seniors. None of these involve assistance for home purchases, although if you are a tenant trying to sock away money for a down payment, having that additional money coming in can help you compile a bigger down payment.
In Manitoba, there are a couple of programs that help low income homeowners. The Homeowner Renovation Assistance Program provides forgiveable loans designed to be used for repairs. This is a real boon for people who are struggling to make mortgage payments but have no way to make major repairs to maintain or enhance the value of their home. This not only improves their quality of life, but it also helps build value in the home should they want to sell and move somewhere else. The Manitoba Emergency Repair Program for Homeowners provides financial aid to homeowners who need to make emergency repairs to their homes. This is designed to help people who cannot afford the necessary fixes to keep their homes liveable after natural events or fires. This sort of event can be a real catastrophe for a family — not just for their immediate circumstances but also for their property value, and this program is a real lifesaver for many people in Manitoba each year.
British Columbia offers the Federal-Provincial Housing Initiative, designed to help low income people who are at risk of homelessness. This is a bridge from extreme poverty to housing with public assistance, which for many people is the first step toward eventual home ownership.
If you qualify for low income mortgage loan standards according to the Canadian government, there are many resources out there that are available to help you get into the home that you want — and to help you increase the value of the home that you have. Take advantage of these low income mortgage loan programs to get into the property that you deserve.
We have helped many borrowers enjoy the dream of ownership, and we look forward to finding a solution for you! Give Amansad Financial a call if you are looking for a low income mortgage loan or bad credit mortgage today.