HUD Programs

HUD Programs

The U.S. Department of Housing and Urban Development (HUD) has programs available that may help home buyers with down payment. Their website, hud.gov, offers information on buying a home.

Below are the HUD Programs currently available:

FHA Insured Loan

FHA Insured Loan: A loan that is insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD).

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

 

 

Wells Fargo Down Payment Assistance Program

With the recent economic crisis in our nation, came a decline in home ownership. People who would once take out mortgages and commit to being a part of a neighborhood become transient renters, who are much less likely to contribute to creating a stable community in their area. This is not a desired outcome for most families, but with difficulties in securing a mortgage combined with the near impossible task of finding sufficient money for a deposit, there seemed to be few options. However, the Wells Fargo down payment assistance program may offer hope for some home buyers.

The Wells Fargo company has designated funding for a large number of major cities for their NeighborhoodLIFT program. Essentially, the program targets areas that are traditionally made up of low to mid-range income housing, and aims to secure home-owners in these areas to benefit the families and the communities they purchase property in. There are criteria for entry into the program. Applicants need to meet a certain level of income, which has to be at or less than 120% of the median wage in the area. In Denver, for example, that would be around $92,000 total annual wage for the family. The grant applicants will need to have pre-approval for home financing. There are mandatory home-buyer education seminars, teaching responsible home ownership and financial management. While its not necessary to be a first time home buyer, you must have sold -or be in the process of selling- all other properties at the time of application. Should an applicant meet these criteria, they have the ability to apply for grants from $15,000 to $30,000 to provide the initial deposit.

The down payment assistance program ensures that communities have fixed residents in place, as another part of the criteria is a commitment to stay in the home for 5 years. It has received backing and applause from local councils and governing bodies. More than $5 million has been invested by Wells Fargo. Taking the housing crisis into consideration, it is in the best interests of a company who specializes in financial services if people are able to afford mortgages. If nobody is able to buy houses, the company will suffer far greater financial losses; and they will financially gain over the long term if home-owners borrow from them. Coupled with the mandatory classes to educate borrowers on how to avoid financial difficulties, the finance group helps protect their investment while building strong communities. The mutually beneficial program also gains the company excellent publicity and a chance to team up with governing bodies in the area.

While funding has run out for some areas, many more still have opportunities available for applicants who meet the criteria. The grants help on a personal level by assisting families to buy property, while helping ensure that strong communities are being built. This intelligent program on offer from a major financial institution is helping build neighborhoods and ensuring that a decline in the housing market is halted and hopefully with time, reversed.

New Mexico Down Payment Assistance Programs

Buying a Home with New Hampshire Down Payment Assistance Programs

New Mexico down payment assistance programs
New Mexico down payment assistance programs

The greatest stumbling block to owning a home is often raising the down payment required by various money lending institutions. A number of local municipalities and state governments offer grant programs for citizens for many reasons to address various needs, including offering first time home buyers down payment assistance. In New Mexico, the Mortgage Finance Authority (MFA) programs help citizens get into their homes with very little down payment. The amounts vary depending on which one an individual qualifies for. Here are some of the available New Mexico down payment assistance programs.

The Hero Program – this is a special MFA first program which includes a 3% down payment assistance grant given to low and moderate income home buyers in specific occupations. These occupations include teachers, active members of the armed forces, safety workers and healthcare workers. Therefore, citizens who are not in these professional fields are not eligible for the program. The Hero Program has its limitations though, including the fact that it limits one on the purchase price of the home.

The mortgage $aver programs – this program offers first time home buyers mortgage loans with competitive interest rates. Under this category are mortgage $aver extra, mortgage $aver plus, mortgage $aver, mortgage $aver extra and mortgage $aver green. The eligibility for these programs depend on family size, sales price of the home and the household income. All of these offer affordable and safe loans of up to 30 year fixed rate terms.

Rural New Mexico – this program ensures that every home buyer in the whole of New Mexico access the assistance and information they need to acquire homes. Their specialists are realtors and lenders who help to provide information and services to the rural home buyers. These rural specialists are found in various regions in New Mexico and buyers may contact them for financial assistance and other related requirements at their various offices.

Below is a list of New Mexico Down Payment Assistance Programs:

South Carolina Down Payment Assistance Programs

South Carolina down payment assistance programs
South Carolina down payment assistance programs

There are many South Carolina down payment assistance programs currently available to SC residents. Some are government funded, and some are not; some are urban, some are rural. It all depends on a few factors such as what your total family income is, what your financial needs are and the area in which you would like to end up.

The most helpful advice is to do your diligence in research. The State Housing Finance and Development Authority (http://www.schousing.com/First-Time_Home_Buyers) has an option for first time buyers. This program offers recipients a down payment assistance of $5,000 with a 4 1/2% interest rate.

Family Services Incorportated (http://www.fsisc.org/topic.asp?pid=108) also has a down payment and closing cost assistance program which is referred to as DPCCA. Their website gives the list of available help and the requirements on how to qualify and apply for each.

The U. S. Department of Housing and Urban Development (http://portal.hud.gov/hudportal/HUD?src=/states/south_carolina/homeownership/buyingprgms) gives a list on their webpage of a number of different South Carolina down payment assistance programs with which they are affiliated with in some way. Options range from down payment assistance to community based government grants, with which individuals may have the chance to apply for assistance with through their local housing authority office. More information may be found of the website listed above. GMAC Real Estate has put together a very helpful resource (http://freedownpayment.org/SC. html) for individuals searching for South Carolina down payment assistance programs. Their website connects residents with locally based professional real estate agents who focus on helping first time home buyers match up with qualifying state, city and county funded down payment assistance programs. Credit isn’t necessarily the first thing lenders look at, especially in relation to available South Carolina down payment assistance programs. Their main focus is on making South Carolina a safer and more comfortable place to reside.

South Carolina Down Payment Assistance Programs:

South Carolina Housing Agencies:

Nebraska Down Payment Assistance Programs

Nebraska Down Payment Assistance Programs
Nebraska Down Payment Assistance Programs

There are several Nebraska down payment assistance programs that can help you with down payment. Limited funds should not be a reason for not owning your dream home anymore.

Nebraska down payment assistance programs help you cover a percentage of the down payment required, take care of part of the closing cost as well as principal reduction. However, this will depend on the type of program you wish to get assistance from. There are a variety of programs in Nebraska; state programs, those run by the city and charity down payment assistance.

With assistance in home buying, there is an increase in the interest rate if you are using state programs. City programs provide for principal reduction and help with the closing cost. Home sellers pay up to 3% of the purchase price.

There are various sources from which you can get additional funds. These include loans from the federal government and those from banks, grants, gifts, nonprofit housing agencies, tax credits and so on. Apart from giving financial assistance, some of the nonprofit housing agencies also offer guidance, advice and counseling on house financing.

First time home buyers in Nebraska stand a high chance of getting down payment assistance from different sources. By first time home buyers, it means people who have not owned a home or any other property for the past three years. You qualify for home buying assistance if you are above 18 years and are a resident of Nebraska. Other qualifications will depend on the program from which you wish to get assistance.

Buying a home is a huge decision and one of the biggest financial transactions you will ever make in your life. Getting a little assistance that you can pay back is not a bad idea. Nebraska down payment assistance programs are a good start for any kind of financial support you would like during the initial stages of home buying. Keep in mind however, that the levels of down payment assistance vary.

Below is a list of Nebraska Down Payment Assistance Programs:

Alabama Down Payment Assistance Programs

Alabama Down Payment Assistance Programs

Alabama down payment assistance programs have outstanding offers and ensures that all achieve their dreams of having a home.

These Alabama down payment assistance programs are available to all first time home buyers. The primary reason behind these programs is to help make homes affordable to all. In addition, the Alabama down payment assistance programs have ensured that many people to achieve their dreams with ease.

However, these programs do have eligibility qualification requirements. People who have not owned a house in Alabama in the last three years are eligible.

Alabama Down Payment Assistance Programs:

Step Up Program The Step Up Mortgage program is designed to help any home buyer who has the ability to pay a mortgage, but needs Alabama down payment support. The program works to secure Alabama down payment funds with a 10 year second mortgage and combined 30 year, fixed rate first mortgage. Loans must be acquired through a participating lender. To qualify, a Alabama borrower’s annual household income cannot, under any circumstance, exceed $97,300 and the Alabama borrower must have a credit score higher than 620.

Alabama Housing Agencies: