Home-Buying Programs That Help
Buying a home can be difficult, but don't give up. If you dream of owning your own home, a home-buying program can help. The following federal and community-based organizations might be just what you need.
Before you look for national home-buying programs, see what you can learn about homeownership programs available in your own state. To do this, you can visit our Housing Agency List and contact your local agency. You can also check with the Public Housing Authorities Directors Association.
You might also consider meeting with a housing counselor that can answer your questions about the home-buying process, obtaining a mortgage, and more. A counselor can also tell you about various homebuying programs in your area.
Additionally, you might consider buying a home through Housing and Urban Development (HUD). HUD sells properties in every state. 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. Often these properties are sold at highly discounted rates. You can search online for properties in your area and learn more about HUD properties by visiting HUD.
Apply for a Habitat for Humanity House
Habitat for Humanity is a non-profit, Christian housing ministry that believes every person should have a decent, safe, and affordable place to live. They look at three criteria when considering who to help get into a home:
- The need of the individual applying for the home.
- The individual's willingness to partner with Habitat.
- The individual's ability to repay the interest-free loan.
Individual Development Accounts (IDA)
An Individual Development Account is a matched savings account, usually set up by a community organization for the purpose of helping low to mid-income families save money toward the purchase of a home, or to be used for education or launching a small business.
Many organizations contribute money toward IDAs. Some IDAs will match what the recipient is saving, while others contribute twice the amount that the participant is saving. This, of course, can help you tremendously in saving toward your goals. In addition, programs that offer IDAs often include economic literacy training as well.