First time buyer programs are often geared towards helping individuals and families find away around the obstacle of a large down payment. FHA loans can help a low income family to find a loan that requires very little down and reasonable monthly payments. These loans are funded by a private lender but are insured by the Department of Housing and Urban Development (HUD) through the Federal Housing Association and provide fixed rate low interest loans for applicants who would not usually be able to qualify.
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The Rural Housing Service, under the Department of Agriculture, provides funds for the construction, renovation, relocation or purchase of modest homes in rural areas. This type of loan has very low interest and no required down payment but is only available to families without adequate housing who are unable to obtain loans through other venues.
There are many first time buyer programs offered on a local or state level. Whether these programs are special funds given by financial institutions to first time buyers or geared toward providing first time buyers with valuable information about the mortgage process, local programs are worth investigating. Find more about local government programs through HUD at http://www.hud.gov/local/index.cfm.
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There are many programs available to help first time buyers obtain a loan for their new home. Both federal and private lender programs exist to encourage people to switch from renting to owning. Apply online today and learn more about first time buyer programs.