The thought of owning a home might seem impossible, especially when money is tight and the housing market is not so great. And with the rising costs of homeownership, it may often seem just as hard to keep paying your mortgage.
Fortunately, there are resources available that may help you achieve your dream of buying or keeping your home —without making your finances suffer. Some of these are federal programs, while others are operated by states, cities or private organizations. Learn about these low-cost home financing options that may help you own a home or cut down on your current housing costs.
In addition to FHA loans, Section 8 Housing Vouchers and VA home loans, the government also offers other types of assistance for both renters and homeowners.
These resources and incentives include programs that let you postpone your home loan payments during hard times or even get help paying your mortgage if you already own a home.
Additionally, there are resources available for homebuyers who need help covering their closing costs, mortgage insurance (PMI) premiums and more.
In fact, many states have their own down payment assistance programs designed to assist qualified homebuyers with the cost of buying a home. In New Jersey, for example, qualified buyers could get up to $15,000 toward the purchase of a new home if they meet the criteria.
To find available programs in your state, you can do a quick internet search. These programs may be offered at the state, county, or city level. There might even be down payment assistance programs available from private organizations or charities.
One program even helps low-income households with moving costs if they need to move to more affordable housing.
Here are a few other programs that may be available to you:
- FHA Streamline Refinancing. This federal program works similarly to an FHA loan, but instead of insuring your original mortgage, it insures your refinance loan to help you get better terms when refinancing. Streamline refinancing through the FHA is available to homeowners whose original loans are backed by the FHA.
- HUD Home Assistance Programs. These local homebuying programs can help cover anything from the down payment and closing costs to mortgage insurance premiums, principal, interest and repairs. States receive funding from HUD to use for their own local programs. Check to see what is available in your state and county.
- Low-Income Moving Assistance Programs. There are charities (many of them local) that may be able to help pay for a portion of your moving costs in other situations. The Salvation Army is one national charity organization that may offer low-income moving assistance.
In addition to these programs, one of the most effective ways to cut your housing expenses is to see what your state and local agencies can offer.
Even though most people picture federal assistance when they think of housing aid, there are many cities, counties and municipalities around the country that may help supplement this aid.
Find the housing assistance program that best suits your needs and apply through the government or a private group today.
By Admin –
