Some of the most popular federally funded assistance is in the form of mortgages.
Here is a few that you may be able to qualify for:
• FHA or Federal Housing Administration Mortgages. (www.hud.gov) These are government-insured loans that require a lower down payment, as little as 3%. The seller may be required to financially assist the buyer. In addition, the property must be inspected and pass FHA guidelines. This is a great program for first-time homebuyers.
• VA or Department of Veterans Administration Mortgages. (www.va.gov) Again, these are government-insured loans that are available to members and veterans of the armed services with a small or no down payment required. These loans have extensive qualifications on the borrower and, like the FHA mortgage require that the property also pass an inspection.
• The Rural Housing and Community Development Service (www.usda.gov) targets rural areas and the farm community. It provides financial assistance to those who are unable to find financing elsewhere. This program is administered by the United States Department of Agriculture, which has several loans and grant programs focused on rural development.