The housing market has been hit hard by the recession. Many homeowners had to default on their mortgages. Others are unable to get loans from traditional sources due to high interest rates. If you are looking to buy a home, have your existing one repaired or modified or need help with your current housing loan, you can try to find the right government home loan through GovLoans.gov.
GovLoans.gov serves as your portal to all types of government loan information. It provides you a list of housing loans offered by various government agencies. To apply for government loans via GovLoans.gov, here is what you need to do.
- Visit the GovLoans.gov site. Once you see the home page, click on the “Loans” tab then the “Housing” tab. You will see a list of various home loan programs and a brief description of each one.
- Study each home loan type. Spend time reading each loan program and description. If you find something that you think applies to your situation, click on the box beside that particular program name.
- View the loan details. Once you have marked the home loan programs you wish to explore, click on the “View Loan details” tab. You can view several home loan programs at a time. The “Loan details” page provides you with the following information: Program Description, General Program Requirements and Loan Terms. It also tells you what your next steps should be if you are interested in securing a particular loan.
- View loan terms. You can get an idea of the loan terms for the particular home loan programs you are interested in. Just click on the “View Loan terms” tab see the “Loan terms” page. You will find information regarding the possible maximum loan amount, the rate of interest, the term, frequency of payment and fees that may be applied.
- Determine eligibility. Clicking on the “Determine Eligibility” tab brings you to a questionnaire which you have to accomplish. Complete the questionnaire to find out if you are eligible for the loan. Of course being eligible does not necessarily mean you can get the loan. There are other factors that need to be addressed through the agency that manages the program. If you are eligible, go back to the “Loan Details” page and check what your next steps are and continue from there.
Instead of going through the GovLoans.gov site, you can also apply for a government home loan through the Federal Housing Administration or FHA which is under the U.S. Housing and Urban Development Department or HUD. The FHA works with lenders who are approved by HUD. These HUD-approved lenders will be the ones to loan you the money for your housing needs if you are eligible. FHA will serve as your guarantor. To apply for a home loan through the FHA, contact a HUD housing counselor to determine the type of loan you are qualified for. You will then need to find an HUD-approved lender to get your loan.
Apart from the FHA, the U.S. Department of Agriculture as well as the Veterans Administration can also help you secure a government home loan. Visit their official websites for more information.
The US government will assist you in owning a home or making repairs and modifications to your existing home. There are many types of government home loans that you can take advantage of. You first need to find out what type of loan you need and whether you qualify for the said loan type or not. Government home loans are out there. You just need to know where to look.