My Real Estate Blog

2)  The Federal Housing Agency (FHA) offers many great options for potential buyers. Since 1934, the FHA has been helping buyers buy with low interest and little down. According to FHA, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.  FHA even has financing options for manufactured and mobile homes.

3)  While many down payment assistance programs are unavailable currently due to a law that went into effect on October 1, 2008, you can still find other very helpful programs. How about the AmeriDream Building Affordable Homes Program – currently developing 106 affordable homes in Southeast Washington, DC. The Woodson Heights development is a $30 million project that is serving as a catalyst for change transforming a blighted neighborhood into a good place to call home and raise families.

4)  Be sure to look into the Making Home Affordable program, which can offer you great options if you already own and are looking for ways to keep your home affordable. The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

Be sure to talk to your mortgage lender about what options may be right for you. There are many paths to home ownership, and one WILL be the right one for you.