Government Grants to Help Buy a Home

FHA Loans

• FHA loans offer assistance in home buying and with down payments. To be eligible for this government-run program, you must be a first-time home buyer or have not purchased a home within the previous three years. You need a limited income, a satisfactory credit history and credit score along with available funds to make the monthly payments on your mortgage.

Offerings

• FHA loans offer low down payments, low closing costs and easy credit qualifying. With an FHA loan, your down payment can be as low as 3.5 percent of the purchase price of your new home. A majority of your closing costs and fees can be added to the total of your loan. FHA loans can also be used when buying a home that requires a great deal of remodeling and repairs. The cost of remodeling and repairs can be placed in your home loan.

Home Inspections

• Before receiving your FHA loan, your new home will undergo a home inspection. If the home does not meet the standards of the Department of Housing and Urban Development, your loan can be denied.