When you don’t have a high income, owning a house can feel out of reach. If you were wondering if your low income and limited savings can afford a quality mortgage and down payment on a home, you are not alone. So many people deal with the same issue, which is why there are ways you can use your limited funds to purchase a home. These are some of the ways to buy a house with a low income.

Use a Co-Signer

You can have another person co-sign on your mortgage loan. In this case, their credit score and history will be considered in addition to yours. You will stand a better chance, especially when you don’t have an attractive credit score. The only issue with using a co-signer is finding a reliable person. Most people are not willing to co-sign on such loans because they will also be on the hook. In case you default on your payments, they will be held accountable. But if you have someone willing to help you get the loan, you will be one step closer to your dream home. Ensure the person you are using has a better credit score and a clean financial history.

Save For Down Payment.

You can delay your dream of owning a house for a few more months and start saving for the down payment. Saving is the best way to raise a significant amount of money when you have a low income. Go to the real estate websites and look for houses in your budget in your desired location. Once you know the possible down payment, you can start saving. Do not start saving when you don’t have a specific amount. If possible, look for a side hustle to increase your earnings. That way, you won’t have to suffer while saving. You should also consider downsizing. It may seem too harsh, but it’s all for a good cause. You may be paying a lot of rent on your current apartment when you can downsize and live comfortably. Make these sacrifices and take all the extra cash to your savings account.

Go For Small Loans

You can also apply for pienlaina small loans to boost your funds and acquire a house. Small loans are mostly unsecured, which means you won’t need any collateral. These personal loans are the easiest way of getting a home on a low income. Small loans can go up to a few thousand. The best time to request such a loan is when you are a couple of thousand short of buying a house. If you have saved for a while, but the money is still not enough, a small loan can give you a boost. They are not hard to find, and you can access the funds almost immediately. You can even get this loan with a poor credit rating. Ensure you get the loan from a reliable source to avoid exaggerated interests.

Pay Off Your Debts

Your debts may be standing between you and your first house. Having a low income and debts at the same time puts you in an even worse financial situation. When you decrease the total amount of money you owe, your debt-to-income ratio (DTI) will decrease. This will increase your mortgage approval odds. But paying debts is easier said than done. You will need a strategy to determine how your stretched finances can start paying the debts. You don’t have to finish all the debts you owe before you can acquire a house. Credit card debts should not pile up too much. Try settling the debts to increase your credit score and your borrowing ability. You will realise there is so much you can do with your limited finances when you don’t have many debts.


Buying a house is everyone’s dream; you shouldn’t let your limited finances hinder your life-long dream. Use these four tips as your buying guide to help you get a house on a low income. Homeownership may be closer than you realise.

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