Joe, 35, has lived in a rented apartment for some time now. His first aim is to buy for himself an apartment in the suburban area. However, whenever he has approached sellers, the prices quoted by them left him stunned. Being short of money, he is now thinking of grants for low-income home buyers.
Like Joe, there are many low-income first time home buyers who are looking for attractive schemes which can help them buy their dream home. The escalating real estate prices, especially in major cities have made it difficult for many people to buy a home. The rise in construction materials and certain laws have also contributed to the rise in housing prices. Taking this need into consideration, help for low-income home buyers is being provided by the government as well as some private organizations.
Housing Assistance for Low-Income People
Federal National Mortgage Association (FNMA) is one of the most prominent players in providing housing assistance for low-income people. This is an established and old organization which became operational way back in 1938. Apart from low-income groups, this institution also caters to the need of middle-income families. Then, for the help of low-income families in the United States of America, there is the Federal Home Loan Mortgage Corporation which was started in the year 1970.
The rural housing authority, which is actually a part of the United States Department of Agriculture (USDA) helps people in the rural areas to buy their own homes through well planned schemes. The federal housing authority also works in providing assistance for people from low-income groups to buy homes. If you wish to buy a home in the State of Florida, then Florida Housing Corporation, which provides low-income mortgages and down payment help can be of a great help for you.
Amongst other government housing assistance programs, the U.S. Department of Housing and Urban Development Housing Choice Voucher Program has been the top rated one. Military personnel and veterans who want help for buying homes can take assistance from the Federal Housing Administration (FHA) and the Veterans Administration (VA) through affordable mortgages.
The homeless people or those with disabilities are taken care of by the Shelter Plus Care Program which has been a very successful and a wonderful initiative. Then, the Housing Choice Vouchers can be useful for senior citizens to pay for the rental accommodation which has been privately owned. This kind of help for low-income home buyers can make the process of home buying much simpler and faster.
How to Apply for Low-Income Housing
Applying to the Housing and Urban Development (HUD) is required for this process. You will have to submit a duly filled application form which can be downloaded from the Internet. Along with the form, you will have to submit details of your income proof, employment proof, age proof and that of residency. Low-income housing programs are meant only for people whose income is less than the limit suggested by concerned government offices.
Consulting lawyers or people related to the process would be a good idea so that you do not make a mistake in this process and can avoid your application getting rejected. Many housing finance companies have come forward to grant loans at low-interest rates for people to buy small homes. The government has also formed alliances with construction companies for construction of small homes just for the sake of low-income people.
Assistance for low-income families has changed the lives of many till date. Such help for low-income home buyers can ensure that no person is left in search of shelter and leads a good life. So, hoping that you fulfill your home buying dreams, I would like to sign off here. Be positive and have faith in your abilities for a bright future.