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When most people think of government loan programs, these are the two programs that come to mind.
When combined with a grant they can finance 100% of a home purchase (97% loans w/ 3% grant funds).
FHA loans are available to U.S. citizens and resident aliens authorized to work in the country. Living trusts and not-for-profits are also eligible. Regarding VA loans,
any veteran with an acceptable DD214 can apply for a VA Certificate of Eligibility.
Community Solutions. To provide incentives for homeownership and to encourage publicly employed professionals to reside in the communities which they serve, Congress has created this loan program to provide up to 100% financing for teachers and law enforcement professionals. We also have a private program offering a zero down payment mortgage for teachers, police, firefighters, and healthcare workers. The core features include 100% LTV, 1% or $500, whichever is less (from the borrower's own funds), 1-month gifted reserves and an easier debt-to-income qualifying ratio.Native American Programs. T-POINT is a private tribal lending program. To qualify, the property must be located on federally restricted trust lands or tribally restricted fee simple land. Single family homes, condos, and 2-4 unit owner-occupied complexes qualify. The HUD Section 184 program guarantees mortgage loans made by an approved private lender to a Native American family or Indian Housing Authority. Eligible borrowers include: Native American families and individuals from recognized tribes, Alaska Natives Tribes, and Native American Housing Authorities (including Tribally Designated Housing Entities (TDHEs). Funds are available for fixed rate loans up to 30 years for purchase and refinancing.The USDA Rural Housing Program provides home loans for low-income rural families including Native Americans purchasing homes on tribal lands. Apply today! Trying to understand the government's lending guidelines and restrictions on your own can be quite daunting. Let me help. Click here. |
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