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.
