Don’t Miss Out on the Chance to Own a Home! Find Out About LOW-COST Home Financing Options
The thought of owning a home might seem impossible, especially when money is tight. Between your monthly payments, utilities, insurance, property taxes and other expenses, the cost can be quite steep.
Plus, these expenses don’t even take into account the costs of furnishing the home, switching out old appliances, etc.
Fortunately, there are resources available to help you achieve your dream of buying and keeping a home —without making your finances suffer. Learn about 5 low-cost home financing options that can help you own a home AND cut down on housing costs.
In addition to FHA loans, Section 8 Housing Vouchers and VA home loans, the government also offers other types of assistance for both renters and homeowners.
These resources and incentives include programs that let you postpone your home loan payments during hard times or even get help paying your mortgage if you already own a home.
Additionally, there are resources available for homebuyers who need help covering their closing costs, mortgage insurance (PMI) premiums and more. One program even helps low-income households with moving costs if they need to move to more affordable housing.
Here is a breakdown of just a few of the programs that may be available to you:
- The Home Affordable Unemployment Program. Designed to help struggling homeowners avoid foreclosure, this program will let you reduce or suspend mortgage payments for up to one year if you are unemployed. This not only helps individual homeowners but also stabilizes the housing market, which is one of HUD’s guiding principles.
- FHA Streamline Refinancing. This federal program works similarly to an FHA loan, but instead of insuring your original mortgage, it insures your refinance loan to help you get better terms when refinancing. Streamline refinancing through the FHA is available to homeowners whose original loans are backed by the FHA.
- The HUD Home Assistance Programs. These local homebuying programs can help cover anything from the down payment and closing costs to mortgage insurance premiums, principal, interest and repairs.
- Low-Income Moving Assistance Programs. If you need to move due to a natural disaster, the Federal Relocation Assistance Program may be able to help. Additionally, there are charities (many of them local) that may be able to help pay for a portion of your moving costs in other situations.
In addition to these programs, one of the most effective ways to cut your housing expenses is to see what your state and local agencies can offer. Even though most people picture federal assistance when they think of housing aid, there are many cities, counties and municipalities around the country that may help supplement this aid.
Find the housing assistance program that best suits your needs and apply through the government today.