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Think You Can't Afford a Home?

Home ownership may seem out of reach for many people, but, in all actuality, there are many new programs available now that will help the average person get into a home. Some work with lowering the down payment, others with repairing credit issues or finding funding for the down payment and closing costs. Typically, a lender will require at least a 10% down payment, but there are loans now that offer down payments as low as 5%. FHA loans can go even lower, down to 3% of the purchase price of the home.

Home ownership is the single best defense against poverty. With a fixed mortgage, the payments will not fluctuate or inflate like living in an apartment does with its yearly rental increases. In addition, as property values rise, the owner begins to achieve some equity that they may tap into later when they sell or open a home equity line of credit. It pays to look at different social service programs where one might qualify for loans based on one's ethnicity, income, or single parent status.

The Housing and Urban Development (HUD) website offers ways a person might begin to achieve their dream of home ownership. The website www.hud.gov lists state by state links for homeownership programs that range from Habitat For Humanity housing to places Native Americans can apply for loans. This site is full of information about the process of buying or selling a home and how to qualify for vouchers and other federal or state assistance in the process.

With all the programs available now for first time homebuyers, one only has to do a little research to see if one qualifies and then sign up. It is probably the best time to be a first time homebuyer with so many options to choose from.

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