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Owning a home is one of the most assuring ways to ensure that our families are safe and well devastating as this usually leads to foreclosure by the lenders. The U.S government has continuously come up with grants to help assist its citizen in making home ownership much easier.

Reasons why a person would be unable to pay their mortgage

  • loss of job or demotion for a member of the family who is responsible for the mortgage payment
  • business underperformance causing a sudden drop in income
  • Mortgages with an adjustable rate that a person is unable to afford.

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Types of mortgages :- 

Adjustable rate mortgage: this is a type of mortgage whereby rates change from the beginning meaning payments change over time

Fixed rate mortgage: it involves paying the same amount for the loan as long as it exists.

Hybrid adjustable rate mortgage: this is a mixture of both fixed and adjustable rates whereby for the first few years a person pays the same amount then after that the rate changes.

How does the government help?

  1. Mortgage assistance grants

Government helps with down payment as well as locking rates of when the property was first purchased. Qualifications to get this loan depend on a person’s need and status. Some of the loans include;

  • S. Veteran mortgage assistance grants:

The U.S Veterans Affairs assists active soldiers, veterans, and spouses in buying, building and renovating their homes by guaranteeing part of the loan. The government also offers grants like the Special Housing Adaptation grant or the Special Adapted Housing grant for disabled veterans. To qualify for these, veterans must meet all the requirements and got injured while in service. The amount of grants is directly proportional to the severity of the disability.

  • grants for low-income families

The federal housing administration helps low income families by insuring their mortgage. They act as guarantors for the family to ensure that the lenders never get to experience loss in the event that the family is unable to pay the mortgage. Others that assist are USDA loans and Fannie Mae or Freddie Mac.

  • first-time homeowner grants:

Federal Housing Administration loan programs make it much easier to acquire your first home with a down payment of around 3.5% by acting as guarantors. This makes it easy to get loans from lenders at very competitive interest rates. A majority of states and cities also help first-time house buyers.

  • Unemployed mortgage help

Qualifications to acquire assistance through the Emergency Homeowners’ Loan Program include; demotion or getting fired with no fault on your side, 15% or more reduction on income and be at a risk for foreclosure with a letter of proof from your mortgage company. Qualified candidates will receive payments worth $50,000 or for 2years, depending on which will come first. If the assisted is able to sustain their mortgage for 5years after being assisted they won’t be required to pay the loan.

  •  grants for people who plan to do significant home improvement:

The government is also offering mortgages for improvement of the property. The Property Improvement Loan Insurance is issued by the Federal Housing Administration (FHA). The loan insurance covers loans obtained from private lenders. Citizens are therefore presented with an opportunity to improve their property. And for those with farm laborers living in poor houses, you may obtain Farm Labor Housing Loans and Grants to improve the housing. You may opt to buy new houses or simply repair existing ones.

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  1. Refinancing and FHA loan streamlining

This was put in place to assist people with an FHA loan. It is meant to make refinancing a much easier process by allowing borrowers to skip a month’s payment and minimize mortgage rates without consent from a third party. To make this work for you ensure that your mortgage payments are up to date, your credit score is viable and you have waited 6 months or more between the processes of streamlining.

  1. HARP Mortgage Assistance Program

The Home Affordable Refinance Program is put in to place to help homeowners whose homes’ value has been lowered. If a person has a home of which they are paying more than its actual value, the program helps them have their mortgages refinanced and also push for lower interest rates. To qualify one needs to have duly paid for their mortgages up to the time of application and if Fannie Mae or Freddie Mac own the mortgage.

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It is undeniable fact that the government of the USA has made great strides in improving the livelihood of its citizens. This is clearly manifested through the numerous mortgage loans scheme available for use by its citizens.

 

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