For many a home, car and family are the American dream, to realize that American dream there are a few home financing options that you might want to check out. Breaking out of the rent cycle isn’t as hard as many believe, regardless of your income level or credit history it is quite feasible to get a mortgage and borrow the necessary funds to purchase your own property. Owning is much better than renting especially in today’s real-estate climate. A buyer today is in a much better position than a seller, you can easily pay less mortgage than you currently pay for your rent.
Federal Mortgage programs
The Federal government offers several mortgage options even for low income individuals. I will share with you a few of the programs that I know about.
Govloans.gov is a government website that offers an array of government loans aimed at small business owners as well as first time house owners and many others. Once you get to the page you can search the type of loan you are interested and view its terms; there is also contact information for local organizations that can help you setup the loan if you are interested in going through with it. It is a legitimate website not a scam and I urge you to check it out.
FHA Insured home mortgage and HUD
The Federal Housing Administration (FHA) has a program that can help low income families buy a single family home. The FHA works directly with the Housing and Urban Development (HUD) program, although the HUD does not give out the loans. FHA has qualified lenders that can approve house loans for low income families and first time house buyers. You need to first fill out an application for the HUD then fill out a second application for the FHA. Both organizations will work together to help you get approved for a mortgage.
Ask your local bank
Sometimes you might be able to find local government mortgage lenders through your local bank. Go to your banker or credit union and ask them about the government house loan options available to you. Also be sure to ask about any available grants such as those for first time house buyers, mortgage lenders are usually quite knowledgeable about those programs and are willing to work with you to land the right house loan.
When looking for Government loans online verify that the websites are not scam websites. A true government website has to be a .gov domain. Don’t fall victim to scam artists who ask you to pay a onetime fee for access to freely available information.