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Government Programs and Grants
The Federal Housing Administration (FHA) is a government agency that may be able to assist you by insuring your new home loan with FHA approved lenders. This could provide greater flexibility by helping you qualify for a loan you might not otherwise be offered, or help to lower your down payment. For many first time home buyers, HUD homes may offer the option of a lower asking price on homes secured through foreclosures.
Similarly, the U.S. Department of Agriculture's Rural Housing Service insures loans for rural community home purchases. For Veterans, the Department of Veterans Affairs is available to guarantee part of your loan and help you secure flexible down payment options and competitive interest rates, as well as offering repossessed homes for sale to veterans.
One of the smartest things you can do when you are considering how to finance your new home is explore the different types of loans available. Your savings, income, debt and credit score will all influence your financing options, but so too should your personal financial goals. Become familiar with what's out there so you can decide not only what will be in your best interest today, but what options will keep your investment working for you in the future. Making smart decisions when financing your new home will have a powerful impact on how quickly you achieve your financial goals.
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