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Home Financing Guide - Part 4
Government Loan Programs
As part of our continuing series for the Home Financing Guide, in this section we are taking a look at the different Government Loan Programs available today. These programs offer low fixed rate interest rates, with minimum to zero down payment. Here is the break down of the loan programs and all their details.
The Government sponsors or guarantees loan programs to provide more home financial options to middle and lower income classes and the underserved. The major programs are FHA, VA, USDA RD. There are other smaller programs and many state bond programs as well that can provide loans or down payment assistance. Each of those will be discussed below.
FHA loans are designed to help creditworthy lower-income and moderate income individuals and families to buy a home. These loans are beneficial to those borrowers that wish to put a minimum amount of down payment on the home. This program also has a little more flexibility in terms of borrower qualifications.
Some of the advantages of the FHA loan are:
Low down payment (only 3.5% may be required) Down payment may also be in the form of a qualified Down Payment Assistance program or ... more
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