Are you in the market to buy a home? Or are you interested in lowering your monthly mortgage payments by refinancing you home? Benefits.gov provides information on several federal resources that may ease the process.
Along with advocating for homeowners and for fair housing practices, the U.S. Department of Housing and Urban Development (HUD) facilitates loans for first-time mortgages. While HUD does not lend money directly to buyers to purchase a home, Federal Housing Administration (FHA) approved lenders make loans through a several FHA insurance programs.
According to HUD, there are several benefits to using an FHA approved lender. Just a few of the many benefits include:
In order to initiate the loan application process, visit the FHA Resource Center to contact an FHA approved lender. If you are already a homeowner and would like to refinance your home, the U.S. Department of Treasury and HUD have partnered to create MakingHomeAffordable.gov, which may be a helpful place to learn more about your options.
For more information on housing loans, be sure to check out the following loan programs:
The Basic FHA Insured Home Mortgage program can help individuals buy a single-family home. The requirements for this program demand that home buyers or current homeowners who intend to live in the home can meet the cash investment, mortgage payments, eligibility and credit requirements, can apply for a home mortgage loan through an FHA-approved lender. To learn more about this program and how to apply, visit the Basic FHA Insured Home Mortgage program page.
Rural Housing Loans are provided by the U.S. Department of Agriculture to applicants whose desired home is in an eligible rural area. The applicant’s income must not exceed 60% of the area’s median income in order to qualify for a loan. For more information on this program and to learn how to apply, visit the Rural Housing Loans program page.
The Home Loan program, administered by the U.S. Department of Veterans Affairs (VA), offers VA Home Loans, which guarantee a percentage of home loans for eligible veterans, active duty service members, current Army Reserve and Army National Guard members, and certain living spouses. By guaranteeing a percentage of the loan, the veteran is more easily able to obtain a no down-payment mortgage at a competitive interest rate that does not require private mortgage insurance. To read more about program requirements and to learn how to apply, visit the Home Loan for Regular Purchase program page.
Benefits.gov encourages you to take the Benefit Finder questionnaire to find other benefit programs you may be eligible for. To find more programs on housing loans, browse our Housing and Public Utilities category and filter by the ‘Housing Loans’ subcategory.