September 15th, 2018 7:56 AM by Jackie A. Graves
Learn about government programs that make it
easier to purchase a home.
of Housing and Urban Development (HUD) offers a variety of federal programs
that may be able to help you purchase a home if you qualify for assistance:
In addition to
all the programs, HUD funds approved housing counseling agencies throughout the
country that can provide advice on many housing-related topics, including
buying a home. Use this map to
find one in your state.
If you are
interested in a foreclosure-related property, reach out to a licensed real
estate agent who will be able to advise you on when the property may be
available for purchase.
If you’re a
homebuyer, the Department of Housing and Urban Development (HUD) has two
programs that may help make the process more affordable.
Housing Administration (FHA) manages the FHA loans program. This may be a good
mortgage choice if you’re a first-time buyer because the requirements are not
as strict compared to other loans.
down payment, closing costs and credit score before applying:
The FHA doesn't
lend money directly to people. It insures mortgage loans from FHA-approved
lenders against default. To apply for an FHA-insured loan, you will need to use
an FHA-approved lender.
If you have a
complaint about an FHA loan program, contact the FHA
default on their FHA-insured mortgage, HUD takes ownership of the property
because HUD oversees the FHA loan program. These properties are called either
HUD homes or HUD real estate owned (REO) property.
qualifications to buy a HUD home depend on your credit score, ability to get a
mortgage, and the amount of your cash down payment. You can also use an
FHA-insured mortgage to buy a HUD home. Learn more about buying
a HUD home.
Use the HUDHomestore to find listings of HUD real
estate owned (REO) properties for sale. Click on the agent tab to find
contact information to learn more about the property.
If you have a
question or need more information about FHA loans or HUD homes, you can email or call the
FHA Resource Center or check their list of frequently asked questions.
If your family
is low-income or in public housing and you want to buy a home, the Department
of Housing and Urban Development (HUD) Homeownership Voucher
Program may help you meet your monthly mortgage payments and
other home expenses.
based on the requirements set by HUD and your local public
housing agency or authority (PHA).
Contact your local PHA. If it
does not administer a homeownership program, you can contact HUD’s PIH Customer
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