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Special Loan Programs and Financing Help for Real Estate Purchases

November 27th 2005

Special Loan Programs and Financing Help for Real

Quiz your Agent

There are many ways to get help buying a home.  There are outright grants and there are loan guarantees. We have sold a condo where the buyer got an outright gift from the city for a down payment. 

Whether you are buying or selling your home you should be aware of these programs and so should your Real Estate agent.  The agent should know what is necessary for writing an FHA backed loan.

The U.S. Department of Housing and Urban Development (HUD) provides lenders with loan guarantees through FHA.  If the buyer defaults the government will step in and pay the lender off.  At that time HUD takes back the property for resale.  This guarantee makes lenders more likely to loan to home purchasers that they would not normally loan to. 

 

HUD also offers special programs for police officers and teachers.  They also offer programs for those already in the public housing program.  The U.S. Department of Agriculture offers direct and guaranteed farm ownership and operating loans to farmers who are temporarily unable to obtain private. 

The Veterans Administration also offers loan guarantees.  There is an estimated 29 million veterans in the US who are eligible for VA financing.  Many veterans are not aware they qualify and this can cost them.  You may not need mortgage insurance if you qualify for a VA loan. 

The moral to the story is that you should shop for a good real estate agent.  Whether you are buying or selling a house you should quiz potential agents to assess their knowledge of these programs. 

 
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By Dan Wilson
Best Syndication Staff Writer

  Real Estate

Keywords and misspellings:  reel estate estat owned proparty properdy Best time to sell by bye a home house leese


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Copyright 2005 Best Syndication                                     Last Updated Saturday, July 10, 2010 09:39 PM