|HUD or the housing and urban development of America caters to the lower sections of the society. It was formed specially to solve the housing related concerns of all the people in United States of America. It gives out home loans especially to those people who cannot afford to approach other private banking enterprises. This is because, the other banks charge interest at very high rates which is not affordable by the lower income group. HUD home loans are available only after you qualify for there housing loan scheme. HUD home loan qualifications are the same for all the people. No one is discriminated on social, economic or moral grounds. Once you fit in the HUD home loan qualifications and qualify for the same, availing a home loan by the housing and urban development of America becomes simple.
HUD home loan qualifications
According to the housing and urban development home loan department, general qualifications for applicants are:
To know more on the HUD home loan qualifications and its process you can either call them on their number (202) 708-1112 or log on to their official website www.hud.gov/ .
- Steady source of income: The applicant must either be self employed or employed in an organization of repute.
- More than three years have to spent in the same organization (in case of employed)
- Must have maintained a good record of payment of bills that is, a person should not have a bad credit score in the past.
- Should have very few outstanding debts like car loan or a vehicle loan
- Must have a low income
- The must have the ability to prove that he is no t able to afford housing loans from other banks. applicant
- All the documents submitted must be true to your knowledge as you will be the only person responsible for any untrue information mentioned.
- You can mention the urgency of the home loan so that your home finance will be processed as soon as possible.
- HUD officials would visit your present house and look at your current housing conditions. If they feel that you will be able to repay the loan amount, only then can you move forward with the application process
- You must have crossed the age of 18 in order to be qualified for HUD home loan.