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Government agencies sell real estate and federal lands either by auction or offer. Federal agencies acquire these properties through foreclosure, forfeiture, or failed banks. Learn about government programs that make it easier to buy a home, including loans, mortgage assistance, and vouchers for first-time home buyers.
If you need cash toward buying a home, the MyHome Assistance Program is a down payment assistance program that provides qualified first-time buyers with a small loan of approximately 3 percent of the purchase price of the home, depending on the loan type used for financing. Repayment of the MyHome Assistance Program loan is deferred.
Here are six first-time home buyer loans and programs that are worth exploring. FHA loans are government-insured mortgages that require as little as 3.5% down. VA loans are zero-down-payment loans ...
At this time, Rocket Mortgage ® does not offer USDA loans. Conventional 97 mortgage loan: A conventional 97 loan lets eligible home buyers borrow up to 97% of the home’s value with a down payment as low as 3%. To qualify, at least one borrower must be a first-time home buyer with a minimum credit score of 620.
Government loans for first-time home buyers. There are several government loan options that are worth exploring if you need a little extra help qualifying for a mortgage: FHA loan: 580 credit ...