costs associated with buying a home, don’t expect them to cover a significant portion of home-purchase-related costs. Most cover less than 10% of the home’s value, or can be expected to only help pay for certain expenses, such as closing costs. For example, a down payment with an FHA loan is 3.5% of the cost of the home. Current FHA loan guidelines allow for the down payment portion of your home loan to come from several different places — a gift, personal savings, tax returns, and down payment assistance programs. While you’ll find that many federal grants for homeownership and home buyer programs are geared toward first-time home buyers, there are programs for repeat buyers, as well. Bankrate.com lists nine programs that buyers can research and access for financial assistance in purchasing a home, whether it’s their first or their fifth. LIST OF PROGRAMS FOR ALL BUYERS
1. FHA Loan
For this loan, the HUD’s FDA, defined above, insures the mortgage, offering 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
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