This program provides a variety of financing for low- and very-low income buyers in rural areas. If you are a farmer or live in a rural area, ask mortgage lenders if you may qualify. The Rural Housing Service (RHS) provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. RHS also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to make rent payments. Direct loan and grant income limits are listed by state on the program’s Web site.
The American Dream Downpayment Assistance Initiative authorizes up to $200 million annually around the country for downpayment assistance. To be eligible for ADDI assistance, individuals must be first-time home buyers interested in purchasing single family housing. A first-time home buyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Individuals who qualify for ADDI assistance must have incomes not exceeding 80 percent of area median income. ADDI provides funds to all states and to local participating jurisdictions that have a population of at least 150,000. For more information:
U.S. Department of Housing and Urban Development (HUD) 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455
Zero Downpayment Act eliminates the downpayment requirement for families and individuals who buy homes with Federal Housing Authority (FHA) insured mortgages. The Zero Downpayment Act offers opportunities for first-time home buyers who do not hold enough savings for downpayments, who meet FHA’s underwriting requirements, and who can easily afford monthly mortgage payments. The zero down plan is different from assistance programs like the American Dream Downpayment Act. Instead of granting a lump-sum award to qualified homeowners, FHA charges a modestly higher insurance premium to lenders on its zero down loans. Contact HUD for more information.
FHA’s Energy Efficient Mortgage program helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage. FHA EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a downpayment on it. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.
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