With the continued price increased on the property right now, lots of people around the globe cannot afford to buy a home for their family. To support the needs of the people in the US, lots of federal state as well as some local agencies provide various programs just to assist these people who are in need to buy a home for their family. A few of these are 1st time home buyer programs. Some other gives assistance through building a home and paying of the down payment. The following are programs offered by the federal state that is useful to acquire a home.
Federal Housing Administration (FHA)
The FHA mortgages are run by the Department of Housing and Urban Development (HUD) in the US. These are insured loans by the government with very low down payments that one can borrow through relatives and other family members. The rates are set to be lowered and very easy to be qualified because the credit is not a big factor to consider. One can assume the loan that can allow the home buyers to take the said loan from the previous home owners. Lots of people are opting for this program because it is easier to refinance and lots of services and products are available to choose. However, there are some restrictions to avail the loan. The processing often takes a bit longer and has strict appraisal guidelines. Nevertheless, this loan is not restricted for the 1st time home buyers.
Department of Agriculture Rural Development Housing and Community Facilities program, US
This is an advantage to people who are living in the rural areas with a very low income because this offers many financing options. You can ask any mortgage lenders how to avail the loan if you are living in the rural areas and if you are a farmer. This program helps individuals through home ownership opportunities and home renovations or repairs. The loan is also applicable for the senior citizen, disabled individuals, and rural residents with low income who are renting to make their renting easy to pay. You can inquire for the qualification of the said loan by browsing the internet or perhaps you can visit them personally if you are not acquainted with the use of the internet.
The American Dream Down payment Assistance Initiative (ADDI)
The program authorized to grant at least $200 million yearly all over the country for the down payment. To be qualified for this program, you must be a 1st time home buyer and willing to purchase a single family home. You have not also own a house for at least 3 years upon purchase of the said assistance program. You can also avail this program even though you are not a first time home buyer if your income does not exceed at least 80% of the minimum income. This program as well gives funds to local jurisdictions that are participating and to all states with a population of around 150,000.
If you are a first timer to buy a home in the US, there are lots of opportunities that you can avail like 1st time home buyer programs.