| In today's market, purchasing a home can be an | | | | The end result is that it becomes easier for someone |
| intimidating process - especially for the first time buyer. | | | | who has little or no credit history to receive a loan to |
| Interest rates are at an all time high and owning a | | | | purchase their home because the FHA provides the |
| home can often seem like a far-fetched fantasy for | | | | mortgage insurance on the home themselves. |
| many prospective home buyers. Fortunately, | | | | A government house loan can be a great way to |
| government house loans can make that dream a | | | | secure a mortgage for your first home. There are also |
| reality and obtaining a loan is easier than ever. | | | | loans available to renovate your home to make it |
| Government house loans are available at the Federal | | | | more environmentally friendly or for assistance when |
| and state levels. | | | | purchasing a "fixer-upper." When obtaining a loan for a |
| Federal government house loans are administered | | | | fixer-upper, the government will allow you to include |
| primarily through the US Department of Housing and | | | | the cost of renovations in your original mortgage |
| Urban Development. The Federal Housing Authority, an | | | | amount. An FHA loan also provides several benefits |
| arm of HUD, has been around since 1934 and provides | | | | over a more traditional loan, such as lower monthly |
| incentives for private lenders to provide mortgages for | | | | payments, interest rates, closing costs and reduced |
| people who otherwise wouldn't be qualified. The FHA | | | | credit history requirements. In order to obtain an FHA |
| does this primarily by backing the loans with Federal | | | | backed government house loan, one must contact an |
| money, reducing the risk of loss to the private lender. | | | | FHA lender. |