Government Real Estate Finance Programs Types and Styles

Find information about government real estate financing programs
By Heather Orr Today's buyer has a large selection of government real estate finance programs available to assist them with acquiring the financing necessary to purchase their dream home. There are also a number of government homeownership programs for homeowners who experience an unforeseen financial pitfall that leaves them unable to pay their mortgage any longer.

Check out the resources below for more information about government real estate finance programs. Types and styles are available to accommodate a wide range of individuals and their specific homeownership goals. Consider the following when looking for government real estate finance programs:

1. Take advantage of two government homebuying finance programs simultaneously by purchasing a HUD home that is eligible for financing with an FHA loan.

2. Turn to a government real estate finance program offered through Fannie Mae or Freddie Mac to prevent the foreclosure of your current home.

3. Determine if you qualify for a special government homebuyer program.

Consider your options with government programs for real estate such as HUD/FHA

HUD homes are most often properties that have undergone foreclosure, and HUD has assumed ownership. FHA loans are insured by the federal government and cater to lower income families and individuals with a less than perfect credit rating. Both HUD homes and FHA-insured loans are attainable for the majority, because the eligibility requirements are less specific and rigid compared to some government real estate programs.
Try:  The US Department of Housing and Urban Development's Federal Housing Administration (FHA) page offers federally insured loans with desirable interest rates and terms to protect the investment. FHA also has financing options available for home remodeling. FHA.com has information about purchasing, refinancing and offers articles and answers about FHA loans.

Look to a Fannie Mae or Freddie Mac government homeownership program for ways to avoid foreclosure

Fannie Mae is a secondary mortgage lender chartered by Congress, which finances many banks and brokers in order to ensure they are capable of underwriting loans to the general public. Freddie Mac is a Conservatorship and is also a secondary lender.
Try:  Fannie Mae has many resources to help you avoid the foreclosure of your home like the HOPE NOW program, which has created a network of lenders, debt counselors and investors who are working with HUD to provide homeowners with free resources to prevent the foreclosure of their home. Freddie Mac also provides tools to try and stop more homes from being lost to foreclosure, such as the Making Home More Affordable plan which gives homeowners the opportunity to either refinance their existing mortgage or modify the terms in order to be able to stay in it.

Find out more about specialized government homebuyer programs

There are many other types of government programs for real estate investors with special eligibility criteria, ranging from economic injury disaster loans to farm ownership loans.
Try:  Military.com has an abundant amount of helpful information to help you learn the facts about your VA loan options as a veteran. GovLoans.gov features loan details and eligibility requirements for Native Americans. FEMA is working with the Small Business Administration (SBA) to offer natural disaster relief loans and financial assistance.