Home Grants And Loan Assistance Provided By Government
One of the apparent reasons why many US residents cannot pursue home ownership is the dwindling economic situation of the country
. For most US citizens, it is difficult to assume that the job they currently have is stable and secure enough to help them finance a residential property for a long time without getting it foreclosed. That is why government programs and home loan assistance have been very helpful for interested buyers. Home buyers can inquire about the loan programs, grants, and loan assistance offered by various government sectors. Let us say that you are interested in investing in Livonia Homes for Sale or a Livonia real estate property but you do not have enough money to finance it entirely. What you can do is take a visit to the nearest office of the Department of Housing and Urban Development and ask about the loan programs and financial assistance they give to qualified applicants. The United States Department of Agriculture is another sector that extends financial assistance to interested buyers. The department has certain programs especially for Rural Development sector and it involves providing loan assistance for rural housing. Single Family Housing Programs of the USDA is a great chance for loan and average American earners who are planning to buy a house in a rural area. They offer loans, grants and loan guarantee programs to assist potential buyers or home repair and improvement projects of rural home owners. Here are some of the programs given by the USDA Rural Development:
a.Rural Housing Guaranteed Loan
You will only be a qualified applicant for this program if your income is up to 115 percent of the median income of the residents in the specific area you are planning to reside in. Families should not own an adequate housing and they should have the capacity to pay off the mortgage monthly including the tax and insurance expenses that comes with the home buying process. You have to have a very reasonable credit rating and history to be fully eligible for the loan program.
b.Rural Housing Direct Loan
This specific loan is only for those who belong to the low-income earners planning to invest in a property located in a rural area. The financial assistance available should be used for the purchase or building of a new property or renovation of your current residential home.
c.Rural Repair and Rehabilitation Loan and Grant
If you have an income really below the average income in the area, then, you may be probably be qualified in what they call as Very Low Income Housing Repair Programs. This is specifically offered to very low earners who are planning to make some improvements to their residential property. The funds can also be for the removal of health and safety hazards in the house that can put the family in danger while living in there. This kind of loan assistance is funded by the government directly and also specifically for dwellers who are 62 years old or even older. Home improvements and modernization are the main focus of this loan so the house can be more accessible and comfortable for residents with disabilities.