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9 programs to help save money when buying a home in the US

The desire to buy a house in the US is often broken about the lack of financial resources of many Americans. 80% of the millennial housing tenants in a recent survey on the apartment rental website Apartment List said they would like to buy a house, but most of them admitted that they could not afford it.

Фото: Depositphotos

However, there are several profitable programs in the United States aimed at helping residents of the United States acquire their first home of their own. Their list was collected edition Bankrate.

1. FHA guaranteed loan

The Federal Housing Authority is the guarantor of your mortgage, if you take such a loan. FHA is an agency with the US Department of Housing and Urban Development.

FHA support offers lenders an extra level of protection, which means that your lender will not tolerate losses if you are unable to pay your mortgage, which increases the likelihood that you will get favorable loan terms.

FHA guaranteed loans usually have lower interest rates than other mortgage loans, and also offer lower down payments.

If your credit rating is from 580 and higher, then you can get a mortgage loan under the FHA guarantee with an initial payment of 3,5% from the price of the house. If your credit rating is lower than 580, you can still apply for a mortgage from FHA, but the down payment will be at least 10% of the purchase amount.

2. USDA loan

Few people know, but the United States Department of Agriculture (USDA) has a program to help home buyers.

The program focuses on homes in rural areas, but you don’t need to buy a farm or farm your acquired home.

Many USDA mortgage loans are provided without a down payment, and loan payments are fixed.

Applicants with a credit rating of 640 points and above are usually eligible for simplified processing of their applications, which requires fewer documents. If your credit rating is below 640 points, you can still qualify for a loan from the USDA, but the lender will ask for additional documentation about your financial situation.

3. Loan of the United States Department of Veterans Affairs (VA)

The US Department of Veterans Affairs helps the military and veterans purchase a home.

VA loans are provided with lower interest rates and do not require a down payment, in addition, this program does not provide the minimum credit rating required for obtaining a loan.

If it is difficult for the borrower to make mortgage payments, the VA may negotiate with the lender on behalf of the borrower and agree to defer or change the conditions.

4. Good Neighbor Next Door Program

Program Good Neighbor Next DoorSponsored by the United States Department of Housing and Urban Development (HUD), provides assistance in the purchase of housing for law enforcement officials, firefighters, medical and educational institutions.

With this program, an eligible applicant can receive a discount of up to 50% of the price of a house in regions where the authorities want to increase the number of population or stop its outflow.

On the program site you can find the participating communities in each state. Under the terms of Good Neighbor Next Door, the buyer must live in the house for at least 36 months from the date of purchase.

5. Fannie Mae or Freddie Mac

Fannie Mae and Freddie Mac - government organizations that work with local lenders, offering lucrative mortgage options to low- and middle-income families.

Collaborating with Fannie Mae and Freddie Mac lenders offer lower mortgage interest rates and set down payments from 3% of the total purchase price.

6. Energy Efficient Mortgage (EEM)

Energy efficient or “green” mortgage is designed to ensure that the borrower has made the newly acquired house more environmentally friendly.

The key advantage of this mortgage is that it provides money to build an energy efficient home without the need for a larger down payment. Additional expenses are simply included in the body of the main loan.

Installation of double-layer windows, additional insulation, or modern heating and cooling systems falls under this loan.

7. FHA Section 203 (k)

This type of loan, supported by the Federal Housing Authority (FHA), calculates the value of the house after it has been repaired and fully prepared for living after purchase. This allows the borrower to get a mortgage loan covering all costs associated with the acquisition and preparation for the life of a new home.

The down payment on such a loan can be just 3 percent.

8. Native American Loan

C 1992 program Native American Veteran Direct Loan helps veteran immigrants from different Native American tribes and their spouses buy houses.

This program does not imply an advance payment or purchase of private mortgage insurance (PMI).

This loan provides a 30-year mortgage with a fixed interest rate, as well as a low cost of early repayment.

9. Local grants and programs

In addition to the various programs provided by the federal government, many states and cities offer housing assistance to those who want to buy their first home.

Check the website of your state or community for information on housing grants and programs available in your area.

mortgage Educational program

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