How to Start Computer Programming at Home

The Best Grants and Programs for First Time Home Owners

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Statistics taken between 2004 and 2017 show a steady decline in homeownership in America, which is probably due to the costs attached to getting your first property. Back in 2004, over 69 percent of residents owned their own home but 13 years later 64 percent of households were owned by the occupants. The government is obviously aware of the situation because they've implemented a number of initiatives that will help first-time buyers get their own property. Hopefully some of the first-time homebuyer programs detailed here will help you to realize your goal of owning your own property.

Federal Housing Administration Loan

One of the best options for those with a fair credit rating of around 580 or higher is a Federal Housing Administration ( FHA) loan. A loan through the FHA is protected as lenders won't lose out if you default on the mortgage. A competitive rate of interest, small down payments and lower closing costs also make this type of loan very attractive to anyone looking to own their first home. If your credit rating is lower than 580, you might be accepted but you'll be charged a higher interest rate and might need to make a bigger down payment.

U.S. Department of Agriculture Loan

The USDA homebuyer assistance program focused on homes in select rural areas but that doesn't mean you'll need to run a farm to get this type of financial assistance. The big plus here is that the USDA guarantees the home loan but there are other advantages too, including a low down payment and a fixed loan repayment amount. You'll need a credit rating of 640 or more to be considered and there are income limitations that change from region to region.

The Good Neighbor Next Door Program

If you're in the emergency services, you might be eligible for a home loan through the Good Neighbor Next Door Program. As well as police officers and firefighters, teachers and medical technicians can also be accepted into the program which gives a 50 percent discount on a home's listed price. There are a limited amount of properties within the scheme and you have to commit to living in the property for at least three years but that's not too much to ask for such a big reduction in the property's price.

Energy Efficient Mortgage

An energy efficient mortgage, which is sometimes called a "green mortgage", can be used to improve your home's environmental rating. This program is backed by the federal government who insure the loans through the FHA. The big thing here is that you will end up with an energy-efficient property without the need to make a big down payment as this cost is absorbed within the loan. Improvements like double-glazing, modern heating systems and top-grade insulation will save you money in the short, medium and long-term.

FHA Section 203(k)

This type of loan takes into account the value of a property once home improvements have been completed. The Section 203(k) rehabilitation program, which is backed by the FHA, lets you borrow the money needed to improve your place and repay it through your main mortgage. The down payment can be as low as three percent so if you opt for a fixer-upper, you won't need to stake too much cash which will leave you with more money to help renovate the property.

Fannie Mae and Freddie Mac

Don't let the odd names fool you, we're not kidding around when we suggest you look seriously at a Fannie Mae and Freddie Mac loan. These government-sponsored groups work with lenders to offer low and moderate income families the opportunity to own their own place. A competitive interest rate and down payments as low as three percent make this attractive for anyone looking to own their first place. The other advantage of this program is that Fannie Mae provides homeowners with education material through the "HomePath Ready Buyer" program.

How to Start Computer Programming at Home

Source: https://www.life123.com/article/the-best-grants-and-programs-for-first-time-home-owners?utm_content=params%3Ao%3D740009%26ad%3DdirN%26qo%3DserpIndex

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