Owning a home is a fundamental element of the American Dream for many U.S. residents. Housing is expensive in modern times and it is important to own a home with great low-cost financing. What are some of the best ways to achieve lower monthly mortgage payments?
There is free housing assistance through HUD and other government agencies. Rent to own homes, VA loans, first time homebuyer programs and refinancing options are all available. There are many valid ways to save money on your mortgage each month. Read ahead for information on how to own a home with great low-cost financing today.
Multiple ways to save money on your monthly mortgage payments exist. Free housing assistance is certainly one of the most beneficial ways to help you achieve this. What is free housing assistance? Free housing assistance comes in the forms of grants, loans and other programs designed to help people in the U.S. afford their homes more easily.
A housing grant provides money to qualified homeowners without the need for the funds to be paid back. A loan is different in that it must be paid back, although great low-cost financing loans through federal, state and private organizations do exist.
The U.S. Department of Housing and Urban Development (HUD) offers several options for free housing assistance to current and prospective homeowners. HUD also provides numerous forms of rental assistance to qualified, low-income renters.
For homeowners specifically, HUD offers mortgage and loan insurance through the Federal housing Administration (FHA). HUD loans typically have lower interest rates. Since HUD-backed loans are federally insured, lenders permit borrowers with lower credit ratings to enter mortgage agreements they cannot get without HUD assistance.
There are also housing grants available via U.S. state and federal organizations. Private organizations also provide grants to homeowners.
HUD provides housing grants in addition to loans, and other grants are through religious or charitable organizations. If you have fallen behind on your mortgage most lenders offer a program called mortgage forbearance (relief) programs. The Coronavirus Aid, Relief and Economic Security Act (CARES) made certain free housing assistance programs mandatory for a temporary period of time.
Mortgages issued through Fannie Mac, Fannie Mae, the USDA, VA, FHA and Government Sponsored Enterprise (GSE) are all currently protected. Please note: Qualifying for free housing assistance is generally reliant upon your low-income status and experiencing significant financial hardship. Contact your local HUD and/or FHA office in your state for more information about how to apply and qualify for free housing assistance today.
