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Buyers Assistance Programs

These are just some of the Buyers Assistance Programs available.

HUD Homes
(http://www.hud.gov/homes/index.cfm)

What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

HUD Grants
(http://www.hud.gov/grants/index.cfm)

The Office of Departmental Grants Management and Oversight (ODGMO), is responsible for strengthening internal controls and enhancing management integrity across HUD’s programs; improving management efficiencies by streamlining grants processes and procedures not only within HUD but across all Federal programs in conjunction with the other 26 Federal grant-making agencies; facilitating the move to e-Government; and increasing transparency for results achieved in HUD�s competitive grant programs.

State Housing Initiatives Partnership (SHIP)

What are S.H.I.P. Funds?
A S.H.I.P. Funds refer to State Housing Initiatives Partnership programs, where lenders, builders, nonprofit groups, and real estate agents collaborate with a specific state to offer down payment and closing cost assistance to first-time home buyers with low incomes. S.H.I.P. is how these programs are referred to in the state of Florida, but many states offer similar assistance programs for low-income residents. Contact your state housing authority and ask about low-income, first-time home buyer assistance programs. (First-time home buyer means that you haven’t owned a home in the last three years.)

Local Down Payment Assistant Programs
(http://www.hud.gov/buying/localbuying.cfm)

In addition to HUD’s mortgage insurance programs, there may be programs sponsored by your state or local government or other organizations.

Dept. of Housing & Urban Development
(http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do)

In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

Federal Housing Authority (FHA)
(http://www.hud.gov/buying/loans.cfm)

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

  • Low down payments
  • Low closing costs
  • Easy credit qualifying

What does FHA have for you?

Buying your first home?, Want a fixer-upper? Financial help for seniors? Want to make your home more energy efficient? How about manufactured housing and mobile homes?