There are a LOT of programs out there for mortgages for your loan to buy your house. If you are unsure about what you can afford, let's talk about your situation before you decide that you can't afford it. You might be surprised that buying is cheaper than renting.
Bad credit? I can help you find a professional credit person that I trust who will take excellent care with you and guide you through the process of getting your credit put back together so that you will be ready to buy a house when the time is right!
Here are some programs offered by Fannie Mae, Freddie Mac and FHA programs that can help you afford a home.
This is general information and we can help you find just the right loan for your needs!
FannieMae programs available
FreddieMac programs available
What is there for first-time home-buyers?
Freddie Mac Home One mortgages include low down payments, fixed-rate mortgages, reduced mortgage insurance coverage levels, and no cash-out refinancing. HomeOne mortgages are eligible to first-time home buyers with no geographic or income restrictions.
Freddie Mac Home Possible mortgages are for first-time home buyers and low- and moderate-income (LMI) borrowers. Features of Home Possible include low down payments, fixed-rate mortgages, reduced mortgage insurance coverage levels, flexible closing cost funding options, and no cash-out refinancing
The FannieMae HomeReady mortgage program helps lenders serve today’s market of creditworthy,low- and moderate-income (LMI) borrowers, and encourages the financing of homes in designated low-income, minority,15 and disaster-impacted communities. HomeReady offers high loan-to-value (LTV) ratio financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment. HomeReady mortgages offer low rates, minimal risk-based price adjustments compared to other programs, and reduced mortgage insurance costs.
The USDA Single Family Housing Direct loan program helps very low- and low-income applicants obtain housing in eligible rural areas by providing payment assistance, a type of subsidy that reduces the mortgage payment to increase an applicant’s repayment ability.
The USDA Single Family Housing Guaranteed Loan Program is designed to serve eligible rural residents with incomes below 115 percent of area median income or AMI (see USDA definition in overview) who are unable to obtain adequate housing through conventional financing.
What about houses that need repairs?
FannieMae Home Style is a way to finance homes at various levels of quality, including less expensive “starter homes” that help low- and moderate-income households become homeowners and start building equity.Frequently, starter homes are older and have deferred maintenance that drives down the price. Access to affordable credit that covers not just the purchase price but also the cost of renovations is essential for the continued viability of starter homes as a strategy to promote home ownership.The Home Style Renovation (HSR) Mortgage allows borrowers to include financing for home improvements in a purchase or refinance transaction on existing homes.
Property Improvement FHA Loan program insures loans that lenders make to borrowers to finance alterations and repairs of single-family, multifamily, and non-residential properties. Loans may also finance site improvements are designed to help low and moderate income (LMI) borrowers improve their homes and is an alternative for homeowners with limited home equity, who cannot use their home’s equity to finance significant home repairs.
The 203(k) Rehabilitation Mortgage Loan program is FHA’s primary tool to enable the rehabilitation and repair of single-family properties and has been in existence since 1978. The program enables lenders to offer home-buyers, current homeowners, and non-profit organizations a single, long-term, fixed-, or adjustable rate loan that covers the acquisition, refinance, and rehabilitation of a property. Often when buying a house that needs repairs, home-buyers have to find multiple sources of financing, and improvement loans often carry high interest rates and short repayment terms.Section 203(k) insured loans help the borrower access affordable financing and protect lenders by allowing them to have the loan insured before the final condition and value of the property may offer adequate security.
