It seems really difficult to pursue home ownership in the US nowadays mainly because of the very unpredictable economic market. It is difficult to determine whether your job is stable enough for you to finance a home after ten years or so. This is why there are government financial assistance programs for home buyers to help them pursue their homeownership dreams. There are different loan, grants and assistance programs that a home buyer can look into and inquire about. You can always pay a visit to the local office of the Department of Housing and Urban Development and inquire about the various loan programs and financial assistance nzdepot they can provide for your real estate investment plans. Also, another government sector that provides support to interested home buyers is the United States Department of Agriculture that has programs for Rural Development involving financing support for rural housing loans. The department can offer Single Family Housing Programs to right candidate. This gives chances to Americans currently living in rural areas that have low moderate income every month. They have loans, grants and loan guarantee programs to help those who are interested to buy a house or making improvements to their current homes. Below are some of the specific programs provided by the USDA:
Rural Housing Direct Loan
This program is primarily offered to buyers who receive low income and yet still planning to buy a house, even if it is in the rural areas. The funds available for this program can be used for acquiring the house, building, repairing r or improving a current rural home they own.
Rural Repair and Rehabilitation Loan and Grant
USDA also have a program called Very Low-Income Housing Repair Program given to interested applicants. This specifically gives loan and grants to home owners who receive very low monthly earnings and the can utilize the funds to repair, renovate and improve their current homes. It can also be used to remove any health and safety hazards found in the house that may endanger their lives while living in their dwelling. This loan is funded directly by the government and made available to people who 62 years old and above The money is only allowed to use for making repairs and modernization to the house or to make it more conducive for disabled household members.
Rural Housing Guaranteed Loan
The applicant should be earning up to 115 percent of the median income of the residents in the area before he or she can be eligible for this loan. The families should have enough housing and should have the capacity to afford mortgage fees every month plus the taxes and insurance that comes with it. The credit rating of the applicant needs to be reasonably high as well.