heating-and-cooling system.
7. FHA Section 203(k)
For buyers interested in purchasing a fixer-upper, the Section 203(k) rehabilitation program may be a good fit. This type of FHA-backed loan considers the value of the property after improvements have been made, after which it allows you to borrow the funds you’ll need to carry out the project and includes them in your main mortgage. The down payment for this loan can be as low as 3%.
8. Native American Direct Loan
The 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 offer help to first-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
Different states have different programs and conditions for their home-buying grants and programs. Do your research and find out what grants are available in your chosen area where you plan to move.
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