Jim Curry - Home Buyers Guide V2 Book

you don’t need a minimum credit score, you don’t need to pay for private mortgage insurance, you don’t need a down payment, and the loans come with competitive interest rates. As a bonus, the VA can negotiate with the lender on your behalf if making payments on the mortgage becomes diffi cult for any reason. 4. Good Neighbor Next Door Th e Good Neighbor Next Door program, sponsored by HUD, provides fin ancial housing assistance for law enforcement o ffi cers, emergency medical technicians, fir e fig hters, and elementary through high school teachers. You could receive a 50% discount on a home in certain regions (“revitalization areas”) and must agree to living in the home for a minimum of three years. 5. Fannie Mae/Freddie Mac Fannie Mae/Freddie Mac are government-sponsored programs that work with lenders to o ff er mortgage options, including low interest rates and down payments are as low as 3%, for moderate- to low-income families. 6. Energy-E ffi cient Mortgage (EEM) An energy-e ffi cient, or “green,” mortgage is designed to help you add improvements to your home to make it more environmentally friendly. Th e federal government supports EEM loans by insuring them through FHA or VA programs. “ Th e key advantage of this mortgage is that it lets you create an energy-e ffi cient home without having to make a larger down payment,” explains Hartman. “ Th e extra cost is rolled into your primary loan. Some improvements you can make include installing double-paned windows, new insulation, or a modern 151

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