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While
many believe that over-leveraged first time home buyers played
a large part in creating the current economic crisis, the Government
is trying to get even more new home buyers into housing with
their current government home purchase programs. FHA is the
agency they are using to help people secure these government
home loan programs. The First Time Home Buyer government home
purchase program is being targeted to both first time buyers
and those who have not owned a home for at least three years.
Owning
your own home still remains the dream of most Americans. The
govenment home purchase program is to purchase both pre-owned
and newly built homes.
There
are three benefits of the government home loan purchase program:
- Tax
credits
- Down
payments funding
- Lower
interest rates
If
you are a first time home buyer now is a great time to let the
government help you secure a home with thier sponsored programs.
With subprime loans all but gone, many first time buyers are
left with questions about the best options for them. FHA and
HUD government home purchase loans may in fact be the answer.
While FHA programs haven't been as popular in recent years because
of the perceived amount of bureaucracy associated with obtaining
a loan backed by a government entity such as the HUD, new legislation
is in the works to help make them more consumer-friendly.
For
a current list of HUD lenders go here.
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