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Top Loans and Grants for Housing 2022
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There are two major monetary figures that are important regarding securing a mortgage loan. The first is the amount of the required down payment and the second is the amount of the monthly payment. Another important factor is being able to get approved for a mortgage. This largely depends on the borrower’s income and credit score. There are several government sponsored mortgage programs that can help with the down payment, monthly payment and even qualifying for the mortgage.
There are also several government run programs that help people finance needed improvements to their existing homes.
There are two major monetary figures that are important regarding securing a mortgage loan. The first is the amount of the required down payment and the second is the amount of the monthly payment. Another important factor is being able to get approved for a mortgage. This largely depends on the borrower’s income and credit score. There are several government sponsored mortgage programs that can help with the down payment, monthly payment and even qualifying for the mortgage.
There are also several government run programs that help people finance needed improvements to their existing homes.
VA Mortgage Loans
This mortgage loan program is run by the U.S. Department of Veterans Affairs (VA). These mortgages are limited to active armed service members, discharged armed services members (veterans) and any surviving spouses or children. The benefits of this type of mortgage are:
– No down payment required
– Lower interest rate and monthly payments
– No mortgage insurance payments
– Easier qualifying (more liberal regarding credit score and income requirements)
FHA Mortgage Loans
Federal Housing Administration (FHA) mortgage loans are available to most home buyers, with the main restriction being that the home being purchased will be occupied by the borrower (not rented out). The benefits of this mortgage program are:
– Only 3.5% down payment required (depending on your income and credit history)
– Lower interest and monthly payments
– Can qualify with a credit score as low as 580
– Maximum loan amount is 115% of the local median home sales price
USDA Mortgage Loans
The U.S. Department of Agriculture (USDA) has a mortgage loan program that is not so well known (and no, it’s not just for farmers or farm property). It is restricted to homes located in rural or low population suburban areas AND to borrowers (buyers) with no more than 115% of the local median household income. Benefits of this kind of mortgage are:
– No down payment required
– Lower interest rate and monthly payments
– 30 year fixed rate interest (your monthly payment can’t go up)
– Easier qualifying (more liberal regarding credit score and income requirements)
Home Improvement Grants
For people needing to make improvements to their existing homes, financing help is offered by the following government grant (no repayment) programs:
U.S. Department of Housing and Urban Development: the HOME Investment Partnerships Program, which provides grants to states and local communities to fund local improvement projects, which can then pass those grants along to individual homeowners in the form of grants or loans.
U.S. Department of Agriculture: The USDA offers remodeling grants to low-income homeowners, as well as grants to elderly low-income individuals to remove health and safety standards from their homes.
U.S. Department of Veterans Affairs: The VA offers several different grant programs designed for eligible veterans to help improve their homes. These grants are mostly for helping disabled former service members to live independently and remain in their homes.
