There are many public and private organizations out there that will help you buy a home even if you don’t have enough cash for a big down payment and closing costs. With insurance and participation in a “low down payment” mortgage program, you may be able to purchase a home with less than five percent down. Support is available for first-time homebuyers, women, low- and moderate-income individuals and workers in certain professions. You may be required to complete a homebuyer education course before qualifying for a downpayment assistance program.
U.S. Department of Housing and Urban Development (HUD)
Through a nationwide network of approved counseling agencies, HUD offers help to first-time homebuyers. InCharge Debt Solutions is a HUD-approved nonprofit organization serving Florida residents. If you reside in the state of Florida and need housing help, call today to see what programs are available in your area: 1-877-712-6040. If you are not in the state of Florida, find a HUD-certified housing counselor here.
Veterans Administration (VA)
The VA provides insurance to guarantee repayment of loans to build or buy a house, townhouse, condominium or manufactured home. The VA also insures home improvement loans to refinance an existing mortgage up to 90 percent of a home’s value. VA’s guaranty encourages lenders to offer veterans loans with favorable terms.
You may be eligible for a VA-guaranteed loan if you are an Army, Navy, Air Force, Marine or Coast Guard veteran who received any discharge other than a dishonorable discharge; an active military duty member; or a member of the Selected Reserve. For more information on eligibility, visit the VA Website at www.homeloans.va.gov or visit your nearest VA office.
Rural Housing Service (RHS)
This agency provides loans and grants to increase homeownership among rural Americans. It also helps pay for renovation and repair of existing rural homes. Low- and moderate-income residents may qualify for direct loans or 100% loan guarantees (no down payments) to build or purchase single-family homes. You can get more details at www.rd.usda.gov/.
State and Local Programs
Assistance from your state or local government may take the form of advice and counseling, loan or loan guaranty, direct financial assistance, or income tax credits. For information on state housing assistance programs, contact your state’s housing authority. For information on county or municipal housing programs, contact your local housing office. County extension officers also offer financial management and budgeting programs and access to family finance and housing resources.