Government grants for home loan
"MY home " is the dream of every individual. One may be living in the best furnished and comfor table rented or shared house but that house is never his home. He wants to have his own house due to some constrains he is not able to have it. Mostly this constrain is the FINANCE. This is the reason why most of the Americans still dream of their dream home.'
But now it is time to turn dream to reality because there are multifarious government grants available for its citizens aided by various departments like Federal Housing Administration (FHA), Department of Veteran Affairs (DVA), U S Department of Agriculture for Rural Housing (USDARHS), websites like www.Govloans.gov.
At the time of purchasing a house, most of us presume that we should have at least 20% of down payment (20%of the house price) to avail a loan, which existed in past. But nowadays "low down payment mortgages" are gaining acceptances which require less than 20% down payment. This is facilitated by mortgage insurance which provides purchaser to give only 3-5%of down payment facility and mortgage lender is protected against any lose of his money by its insurance cover.
That is to say, if the purchaser is unable to pay the installments then the case goes to legalities in which the purchaser loses the house and the mortgage lender gets the balance payment from the mortgage insurer. Therefor e, it is very important to assess the credibility and affor dability of the loan borrower for the whole period of loan repayment. The government mortgage insurance is provided by Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA-only for senior citizens) or the U.S. Department of Agriculture's Rural Housing Service (USDA-RHS).
Their contacts are given below.
Department of veterans affairs
1-800-827-1000
www.va.gov
for eligible veterans
Federal housing administration
451 7th Street S.W.
Washington, D.C. 20410
1-800-483-7342
www.hud.gov
Usda rural housing service
www.usda.gov
The government aided website which provides all the infor mation about the government grants on home loans is www.Govloans.gov. It contains various government agencies and their different schemes for home loans. Recently (in October 2008) US government has given a grant of about US$140 million and simplified the credit requirements so that people with less credit ratings can also be covered and their dream of owning a house can also be realized. It is a joint effor t of US government and its banks which fulfils two objectives- First, to make home loans available for even those who were rejected earlier due to low credit ratings and second, to give a boost to the economic recession prevailing in the country.
So now, the dream of "MY home " is no more a dream as we have many avenues open for it. Only thing which is required is first to reassess yourself and go for the best offer to make your dream come true. Enjoy the comfor t of "MY home " in my home.'
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