Who Qualifies for a Government-backed Home Loan?

By Kelly Richardson
LoanPage.com Columnist

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Government-backed home loans hold a variety of unique benefits. Lower annual percentage rates and lower down payments help in-need participants to get a competitive mortgage. If you meet these qualifications as dictated by the U.S. Department of Housing and Urban Development, you can apply today.

If you are in the market for a mortgage but feel you are too financially unstable to get one that you can afford, you should consider a government-backed loan. The U.S. Department of Housing and Urban Development offer a wide range of mortgage programs that make getting a new home loan achievable for most individuals. Options include applying for an FHA-insured mortgage with a basement down payment and financing all of the closing costs. These government-backed loans are often much more affordable than traditional lending options, providing that you meet some basic criteria including a required residence term and professional affiliations.

Home Loans for Professionals

  • » Firefighter/EMT. New home loans are available if you're employed as a full-time firefighter or emergency medical technician for federal, state and local governments.
  • » Officer. Mortgages are available for law enforcement personnel employed full-time by a Federal, state, county or municipal government; or a public or private college or university.
  • » Teacher. This home loan program encourages teachers to buy homes in low and moderate-income neighborhoods.
If you are the representative of a business, civic organization, or faith-based group, you should know about these new home loan offerings for your employees or members.

Home Loans for Organizations

  • » Community-based. This program encourages local governments to purchase qualified HUD-owned homes for $1 each to create housing for families in need and to benefit neighborhoods.
  • » Faith-based. The Sales to Nonprofits program allows church and other religious organizations to purchase HUD homes for up to 30% off their appraisal value.
Government-back home loan programs are a great way for qualified participants to get a competitive rate on a mortgage. If you fall into one of these categories, you should call the office of HUD and apply.

U.S. Department of Housing and Urban Development

About the Author
Kelly Richardson covers the real estate scene in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.

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