How to Pre-Qualify for a Low Income Rural Home Loan
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The first step in pre-qualifying for a low income rural home loan is to sit down with a notepad and pen and make sure that you meet the qualifications first. Here are the qualifications for a low income rural home loan.
1- A low income that is around or below 80 percent of your local areas average income ratio.
2- It is recommended that you have a fair credit history or a credit history that is repairable but this is not mandatory.
3- You must show proof of income and proof of how you will be able to repay the low income rural home loan back. - 2
Next, go over everything and make sure that you qualify for all of the recommended qualifications. If so, gather together your credit report and proof of income. The credit report is to show that you do have fair credit or credit that can be repaired and the proof of income is to show the loan officer that you do qualify as a low income household and that you can afford to pay back the low income rural home loan. - 3
Next, take all of the recommended qualifications to the bank that you want to deal with on the low income rural home loan. The loan officer of the bank will then go over your qualifications and make sure that you do indeed meet all of the qualifications and requirements for the low income rural home loan. If so, you will be asked to fill out the low income rural home loan application. - 4
Lastly, the bank will then look over your qualifications and the low income rural home loan application and generally they will give you an approval or denial answer anywhere between 2 weeks to one month. If you qualify, the bank will have you come in to finalize the low income rural home loan.
