The U.S. Government has several programs to help people become homeowners. We've provided an overview to the most common below.
- Insured by the Federal Housing Administration (FHA), a government agency that’s part of the U.S. Department of Housing and Urban Development (HUD), FHA 203(b) loans are a safe, viable option for building credit in today’s tough real estate market. Your down payment can be as low as 3.5% of the purchase price. In many cases, your closing costs and fees can be included in the loan. The FHA allows home sellers, builders, and lenders to pay some of your closing costs, including appraisal, credit reports and/or title expenses.
Additional FHA Products Offered:
- The FHA 203(h) loan enables borrowers that live in Presidentially designated disaster areas whose homes were destroyed or seriously damaged to purchase a home or rebuild their home with no down payment and offers more flexible qualification requirements.
- The FHA 203k loan, (sometimes called a Rehab Loan or FHA Construction loan) allows borrowers to finance not one, but two major items 1) the house itself, and; 2) needed/wanted repairs. This loan addresses a common problem when buying a fixer home and allows buyers to buy and fix the home in <strong>one transaction.</strong>
- These loans offer tremendous mortgage benefits to active-duty service members, veterans, and some surviving spouses. A VA home loan can be used for many different purposes, including purchasing or refinancing a current mortgage.
- The U.S. Department of Agriculture provides low-interest, no-down-payment loans to farmers and other qualified borrowers with low to moderate incomes. These loans are for people buying property in rural areas or small towns who are unable to obtain loans elsewhere.