While you’ll fin d that many federal grants for homeownership and home buyer programs are geared toward fir st-time home buyers, there are programs for repeat buyers, as well. Bankrate.com lists nine programs that buyers can research and access for fin ancial assistance in purchasing a home, whether it’s the ir fir st or the ir fift h. 1. FHA Loan For this loan, the HUD’s FDA, de fin ed above, insures the mortgage, o ff ering mortgage lenders a layer of protection, meaning they won’t experience a loss if you happen to default on the mortgage. An FHA loan typical includes “competitive interest rates, smaller down payments, and lower closing costs than conventional loans,” says Rachel Hartman on Bankrate.com. 2. USDA Loan Not as well-known as the FHA loan, but still worth mentioning, is the U.S. Department of Agriculture (USDA) loan, which o ff ers a home buyer assistance program. “While the program focuses on homes in certain rural areas, you don’t need to buy or run a farm to be eligible,” says Hartman. “ Th e USDA guarantees the home loan. Th ere may be no down payment required, and the loan payments ar e fix ed.” USDA loans have income limitations, which vary regionally, so research the spe cifi c requirements for your area. 3. VA Loan Th e U.S. Department of Veterans A ff airs (VA) helps military personnel, veterans, and surviving spouses buy homes through VA loans. If you are one of the above, then qualifying is simple — 150
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