If you’re looking for help buying a home, this article will go over programs that could help you. The Department of Housing and Urban Development (HUD) and other federal agencies have several programs that could help you financially if you qualify. Keep reading below to learn more about these programs for home buying assistance.

Federal Housing Administration

The Federal Housing Administration (FHA) is a part of HUD and insures mortgages, which makes it easier for homebuyers to afford loans. They also have HUD-approved homes for purchase as well. In order to get an FHA loan, you need to be able to qualify for a loan through an FHA-approved lender. The good news is that your credit score doesn’t need to be perfect in order to get approved.

Keep in mind that the total purchase price of the home you’re looking to insure must be within the loan limits set by the lender. But the FHA is one of the most popular programs people use for home-buying assistance. So you’ll want to look into the opportunities here.

Housing Choice Voucher Eligibility

If your income is low and you need financial assistance buying your first home, HUD’s Housing Choice Voucher Program might be able to help you. In order to qualify for this program, you must be a first-time home buyer, meet the minimum income requirements, and complete a homeownership and housing counseling program.

If you’re interested in applying, get in touch with your local PHA. Just remember that this program is for first-time homebuyers only. Another good thing about this program is you don’t have to work with a specific real estate company or lender when getting a home loan.

Department of Veterans Affairs

The Department of Veterans Affairs (VA) has home loan programs to help veterans and active duty service members. VA Home Loans are secured through private lenders, like banks and mortgage companies. The VA ensures a portion of the loan, making it easier to find loans with better terms.

Assistance for Rural Residents

The Department of Agriculture’s (USDA) Local Rural Development (RD) office has information on housing programs for rural residents. There are over fifty financial assistance programs available to rural residents, specifically those with low income and no money down is required to purchase or build a home.

Know Your Options

Home buying can be a tiring process, so make sure that you look into these programs for all the financial assistance you could get. If you qualify, the process can get that much easier and more affordable.