When you are trying to obtain a mortgage, you may be stuck trying to figure out how buying a home is even possible. You may even be wondering what help is available out there to make your homeownership dreams come true. The reality is that you may not know just how many great programs that are available for you to accomplish your dream of being a home owner. These are some of the most popular programs that are available to help you purchase a home.

One of the most commonly utilized programs is the FHA loans. FHA is a great program for a variety of reasons. This is especially true for those lenders who have a less than stellar credit history and for first time home buyers. One reason is because the Federal Housing Administration will actually guarantee a specific portion of the mortgage, which allows lenders to be a little bit more lenient with their standards for acceptance. This program also allows lenders to qualify for loans if they have at little a 3.5% for a down payment rather than the standard 20% most other loans require. The thing to consider here is that you will be subject to mortgage insurance premiums.

What you may not know is that the USDA also has programs that can help you to buy a home. You may think that if the US Department of Agriculture is going to hand out any loans, it would be to buy a farm. That is not necessarily true but this type of loan is only available for those looking to live in a rural area and offers 100% financing through giving lenders a mortgage guarantee. You should know that this type of help does have income limitations that vary depending on your region.

The US Department of Veterans Affairs can be a very beneficial tool in obtaining a home loan if you are a veteran or a surviving spouse of one. What makes this type of help so great if you have access to it is that these loans can be exceptionally generous. This is because they often require very little to no down payment nor do you need to get private mortgage insurance. There are a few things to know about this type of loan program if you are qualified to take part in it. This can be a very slow process, so if you are in a rush this may not be the best option for you. It also may not have a lot of requirements for it, there are still some including your debt to income ratio and other additional requirements that the lender will ask for.

These are just a few of the options to consider. Loans like the HUD 203(K) are there to help a homeowner buy a fixer-upper by giving them money to purchase the home and do the repairs on it. There are also some programs for EMTs, police officers, teachers, and fire fighters to get discounts on homes in certain areas. To see which programs are available to you, check out the official Department of Housing and Urban Development page.

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