How to Get a Mortgage Loan with a Low Income ?

Homeownership may seem out of reach for those with a low income, but at Shelto, we believe that with the right guidance and tools, this dream can become a reality. Here’s a step-by-step guide to help you navigate the process.

  1. Assess Your Financial Situation
  • Determine Your Income: Include all sources of income, such as wages, government assistance, part-time jobs, etc.
  • Evaluate Your Expenses: List your monthly expenses to understand how much you can afford for mortgage payments.
  • Example: If you earn $2,500 per month and have expenses of $1,500, you can potentially afford $1,000 for a mortgage payment.

  1. Improve Your Credit Score
  • Check Your Credit Report: Obtain a free credit report and correct any errors.
  • Build Credit If Needed: Pay bills on time, reduce debt, and avoid opening new credit lines unnecessarily.
  • Example: A credit score of 680 or above can improve your chances of approval.

  1. Save for a Down Payment
  • Set a Savings Goal: Even a small down payment can help.
  • Example: Saving $5,000 for a down payment on a $100,000 property.

  1. Explore Loan Options Suitable for Low Income
  • Consult with Shelto’s Mortgage Agents: Discuss loan types specifically designed for low-income borrowers.

  1. Obtain Pre-Approval
  • Prepare Necessary Documents: Include proof of income, employment, credit report, and debts.
  • Apply with Shelto: This will give you an estimate of how much you can borrow.

  1. Find an Affordable Property
  • Work with a Real Estate Agent: Find an agent experienced in working with low-income buyers.
  • Search in Your Price Range: Stay within the budget determined by your pre-approval.

  1. Apply for Your Mortgage
  • Submit Your Application through Shelto: Provide all requested documents promptly.
  • Consider a Co-Signer: If needed, a co-signer with a higher income might strengthen your application.

  1. Close on the Property
  • Review the Closing Costs: Be prepared for additional costs like inspection and appraisal fees.
  • Finalize Your Mortgage: Sign the papers and make it official.

Considerations and Tips for Low-Income Borrowers

  • Consider a Longer Loan Term: A 30-year loan may result in lower monthly payments if you have 20% down payment.

  • Watch for Subsidized Housing Opportunities: These can provide more affordable options.

  • Work Closely with Shelto Agents: Our expert agents are skilled in helping low-income borrowers navigate the process.

Why Choose Shelto?

At Shelto, we prioritize your individual needs, understanding that each financial situation is unique. We provide guidance, support, and access to a wide range of mortgage products designed to help low-income individuals achieve homeownership.


While getting a mortgage loan on a low income presents challenges, it’s not impossible. With careful planning, adherence to a budget, exploration of suitable loan options, and expert guidance from Shelto, you can embark on the path to homeownership.

Remember, this guide serves as a general overview. Contact a Shelto mortgage agent for personalized assistance tailored to your specific situation.

Note: The information provided in this guide is for educational purposes and should not replace personalized advice from a Shelto mortgage agent or other financial professionals. The availability of specific loan products and government programs may vary based on individual qualifications and local regulations.

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