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Fha Mortgage - Home Mortgage Loan-Government Backed Mortgages Can Save You a Lot of Money There are Government backed loans for homebuyers including sometimes investors that allow you to qualify for mortgage loans that might not otherwise be available to you. Don’t overlook these programs because you think your income is too high; there are many Government insured mortgage loans available to the average homeowner. Here are the basics of Government backed mortgage loans to help you decide if 1 of these programs is right for you. The Government doesn’t lend dollars for mortgage loans; however, they do insure the debt, allowing homeowners to qualify for better terms including mortgage rates. Some pertaining to the most popular Government backed loans include: • Federal Housing Administration (FHA) Loans – The FHA specializes in low down payment, easy qualifying mortgage loans. • Rural Development Administration (USDA) – Under the Department of Agriculture, the Rural Development Administration helps low to moderate income families purchase homes with low interest rates including little down payment. • Veterans Affairs (VA) – The VA offers easy qualifying, absolutely no down payment mortgages for individuals that have served in the Unites States military. • State Mortgage Programs – Many Sates provide low down payment, easy qualification, including low interest rate programs targeted to first-time homebuyers. (First time homebuyers are anyone that hasn’t owned a home within the last 3 years) • Community Development Programs – Many cities including counties encourage homebuyers including often investors to purchase including renovate properties in certain neighborhoods. These programs often provide incentives including favorable loan terms, including tax breaks. You might learn more regarding your mortgage options, including costly mistakes to avoid, with a free, six-part video tutorial.
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