Special Loan
Programs and Financing Help for Real Estate Purchases
November 27th 2005
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Quiz your Agent |
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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.
By
Dan Wilson
Best Syndication Staff Writer
Real Estate
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