Some U.S. government housing agencies and
offices insure or guarantee
mortgages,
making it easier for some
people to borrow.
Qualifying veterans may be able to borrow
up to $417,000, and sometimes more, with little or no down payment
by taking advantage of Veterans Administration (VA) mortgages
through approved lenders.
The
Federal
Housing Administration (FHA)
insures mortgages that help
many first-time homebuyers and minority homebuyers. And, the Rural
Housing Services (RHS) makes financing available to buyers in
rural communities. To get an FHA or RHS mortgage, you borrow through
an approved lender. Generally, the property you purchase using
these loans must meet certain guidelines — sometimes the
price plus closing costs must fall below a certain limit.
More resources
The U.S. Department of Housing and Urban
Development (HUD) can help you locate other mortgage sources in
your community. You can begin your research by looking at their
Web site, www.hud.gov.
