You are about to purchase your very first home. Congratulations! This is a very exciting time in your life.
As you go out to look for that perfect property to move into, you may not be aware that the United States Department of Housing And Urban Development (HUD) has numerous federal programs that will help you purchase your first home. These programs are designed to make the home purchase much easier by either granting low mortgage rates on loans or lowering the purchase price of the home. Check out the available federal loan programs to see whether you qualify.
Good Neighbor Next Door Sales Program
For people who contribute so much to the community, there are home buying programs available to you. If you are a firefighter, elementary or high school teacher, law enforcement officer or emergency medical technician, the Good Neighbor Next Door Sales Program provides you with the opportunity to purchase a home as the program gives you a 50-percent discount on the list price of the house. The house must be in a revitalization area and be a part of the Good Neighbor Next Door Sales Program. When you purchase a home through this program, you must live in the residence for at least 36 months to stay in the program.
Public Housing To Home Ownership Program
This is a unique program for people who are currently living in public housing but wish to own a home. The Public Housing to Home Ownership program allows you to find a home where you can use the rent to pay the mortgage. In essence, you will be converting your rent payment into a mortgage payment as you can live inside your brand new home. Call your local public housing agency to see if you can be placed into this program.
Local Home Buying Programs
Each individual state will have its own local home buying programs that will help you purchase your first home. The programs will be different for every state and may involve incentives to lower your mortgage payments for a home in special revitalization areas. Contact your local housing authority to see which programs will apply to you.
Federal Housing Administration (FHA) Loans
Home loans through mortgage lenders can be a scary process, and you may be worried about not qualifying for a loan or about paying high rates for the mortgage. The United States Department of Housing and Urban Development has HUD-approved loans where you can get better deals on the mortgage rates. These FHA loans gives first-time homeowners low down payments and low closing costs. In addition, you will undergo an easier credit qualifying process if you don’t have a good credit history. This loan program is for new homes, fixer-uppers, mobile homes and manufactured homes. The FHA also gives home financial assistance to seniors who are 62 years of age or older.
Get Qualified for These Federal Programs
If you are looking to purchase your first home, get involved in these federal programs that will make homeownership easier. See if you meet eligibility requirements as you could be living in your dream home today.