heating-and-cooling system. 7. FHA Section 203(k)
For buyers interested in purchasing a fix er-upper, the Section 203(k) rehabilitation program may be a good fi t. Th is type of FHA-backed loan considers the value of the property a ft er improvements have been made, a ft er which it allows you to borrow the funds you’ll need to carry out the project and includes them in your main mortgage. Th e down payment for this loan can be as low as 3%. 8. Native American Direct Loan Th e Native American Veteran Direct Loan program, run by the VA, has helped Native American veterans and their spouses buy homes on federal trust lands since 1992. If you’re eligible, you don’t need to make a down payment or pay for private mortgage insurance. 9. Local Grants and Programs In addition to the various programs provided by the federal government, many cities o ff er help to fir st-time home buyers. Before buying a home, check your state’s or community’s website for information on housing grants and programs available in your area. For information on state-based home buyer programs, keep reading. State-Based Programs D iff erent states have diff erent programs and conditions for their home-buying grants and programs. Do your research and fin d out what grants are available in your chosen area where you plan to move.
152
Powered by FlippingBook