If you are a senior citizen who wants to buy a home, you may qualify for U.S. Department of Housing and Urban Development (HUD) home loan. These loans are insured by the Federal Housing Administration (FHA), a division of HUD, providing home loan options to you at a reduced risk to lenders.

Find an FHA lender for senior housing here.

The first step in getting a HUD home loan for senior housing is verifying that your income qualifies. An FHA counselor will discuss assess your income, credit rating and available money for a down payment to determine which lenders and FHA loans are best for you. Click here to find an FHA counselor near you. 

Minimum qualifications for an FHA loans include:

• Two lines of credit in good standing
• No chapter 7 bankruptcy in the last two years
• Chapter 13 bankruptcy payments must be in good standing
• Good payment history on current loans and open accounts
• Judgments must be paid in full

HUD home loans for senior housing include reverse mortgages, which may be a good option if you have a low mortgage balance on your home. This HUD loan allows you to get cash for a portion of your home’s equity. Unlike a traditional home equity loan, this loan does not have monthly payments. The loan must be paid in full if you sell the home or die. To qualify for a reverse mortgage, you must live in the home and be at least 62 years of age.

HUD home loans for senior housing can help you achieve homeownership or get money from your home. Reply! can help you find FHA lenders today.