- advertisement -
CHAPTER IV -- SPECIAL NEEDS? SPECIAL MORTGAGES

LESSON 7: SPECIAL AND FIRST-TIME BUYER PROGRAMS

For many people, the lack of a down payment is the greatest hurdle to homeownership. This is especially true for first-time home buyers and low-income consumers. Today, however, lenders offer numerous special loan programs that require less money down or feature other benefits. Some target first-time home buyers while others primarily help people who don't make much money.

MythMany people think you need a 20 percent down payment to buy a home. Not so. You can put less money down, but you'll most likely have to get private mortgage insurance to protect the lender.
- advertisement -

If you need extra help getting into a home, you should check with your bank or financial institution to see if they offer any of these special mortgages.
State housing agencies and/or local HUD offices can usually provide references too, as can Consumer Credit Counseling Service branches.

Here's a brief summary of some of the more popular programs to get you started:
Department of Veterans Affairs (VA) mortgages
VA loans are backed, but not issued by, the U.S. government and they help veterans and their spouses purchase homes. They don't require down payments unless the house being purchased is relatively expensive and they have other benefits associated with them. For instance, the government says it's more understanding when borrowers default than conventional lenders.

(continued on next page)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

CHAPTER I
  Lesson 1
  Quiz

CHAPTER II
  Lesson 2
  Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
  Lesson 19
  Quiz

CHAPTER X
  Lesson 20
  Quiz

CHAPTER XI
  Lesson 21
  Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions





RELATED STORIES

Veterans better off marching past VA home loans

Hey sailor, Uncle Sam wants you to be a homeowner

Goin' country: Buying a house 'down home' has rules of its own

Restoring historic property takes patience, cash

States offer a solid source of home financing for those in need

 
- advertisement -