Homeowners Urged To Take Advantage Of Affordable Mortgages

Those who qualify may need no down payment or have low monthly mortgage payments

Homeowners Urged To Take Advantage Of Affordable Mortgages
March 21, 2016

The Federal Housing Administration (HUD) operates five different mortgage programs that qualified individuals can use to get a mortgage that fits their budget. Often, these mortgages do not require a down payment. However, many who qualify do not know the particulars of these programs or how to take advantage of them.

The Department of Veterans Affairs (VA) offers a no down-payment loan for those who have served in the military. These loans are guaranteed by the VA and do not require mortgage insurance. The funding fee can be rolled into the mortgage as well. Interest rates run between 2.15 and 3.30 percent.

Another option for those in the military is a loan through the Navy Federal Credit Union. These loans are similar to the VA loans, but the funding fee is much less.

The US Department of Agriculture (USDA) also offers a guarantee program. Many believe these loans are restricted to purchasing farmland, but they are actually not. They are, however, restricted to specific geographic areas and income amounts. While most who purchase property through the USDA are first-time homebuyers, a small percentage are not.

The last two types of affordable mortgages focus on lowering the down payments homebuyers make. The first is done via private mortgage insurance. This allows borrowers to drop their down payment if they meet the strict credit and income requirements. If they do not, they may qualify for the FHA low down-payment option, which has more fees but is open to more borrowers.

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Irene | 03.21.16 @ 17:26
These are some really good options that a lot of people may not be aware of
Carla Truett | 03.21.16 @ 17:27
My Son may be able to take advantage of some of these options. I will send hime this information. thanks.
Steffanie | 03.21.16 @ 17:28
Some really good stuff here. My sister-in-law and daughter will benefit from this article. Thanks!
Erin | 03.21.16 @ 17:29
I have heard of a couple of these but not all. I do not have a need for them, but I will definitely keep them in mind if I run across someone who can benefit from these programs.
Sarah | 03.21.16 @ 17:30
options are a good thing, especially when they help you save money.
Nancy | 03.21.16 @ 17:31
My daughter is looking to buy her first house. I will definitely be sharing this article.
Elaine | 03.21.16 @ 17:32
Great options and many you have listed I was not aware of. Will share and keep this in mind for the future. Thanks for this valuable infor.
Christina | 03.21.16 @ 17:34
There are many local down payment assistance programs that work in tandem with the options that are presented in the article. A good loan originator will work through all the possibilities with you and come up with what will work best for your situation!
Carla Truett | 03.21.16 @ 17:42
I wish we had known about the VA option when we bought our house. Lots of great options that will come in handy for a lot of people.
Beverly | 03.21.16 @ 17:46
These are some good programs to check out and see if you qualify for. I knew about the VA but not the agriculture one.
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