4 Ways Uncle Sam Can Help Buy You a Home Now

Looking for help from Uncle Sam with buying your home? Thanks to a variety of federal programs, Americans may not have to go it alone. And veterans have even better options thank to the VA home loan. 

Do you know what's might be available for you? Here's some information. 

Veterans Affairs Home Loan: This mortgage is available to qualified U.S. veterans, reservists, active-duty personnel and eligible spouses. A portion of these loans is guaranteed by the U.S. Department of Veterans Affairs and protects the lender's investment if the borrower defaults on the loan. Eligible veterans aren't required to make a down payment or get private mortgage insurance (PMI), which can increase the monthly payment. Not all lenders offer VA loans.

Housing Choice Voucher Homeownership Program: Typically administered by local public housing authorities, these vouchers keep home-owning expenses down to no more than 30 percent  of a family's monthly income by helping out on expenses such as mortgage principal and interest, insurance premiums, taxes, utilities and maintenance.

Rural Development & Community Facilities Program: Through the U.S. Department of Agriculture, these loans help low-income families buy modest homes in rural areas with no down payment required. However, the families must demonstrate the ability to afford monthly mortgage payments, taxes and insurance. They must also have a decent credit history.

Federal Housing Administration (FHA) Mortgage Program: Helps lower costs for low- and moderate-income families, by providing protection to lenders against default on mortgages for borrowers who are creditworthy but may not be able to meet conventional requirements for the loan. This is the modern-day version of the same program that kept families in their homes during the Depression, and helped veterans buy homes in the 1940s and 1950s — sparking the modern-day suburban boom.

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