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.

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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.

Source:
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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