MORTGAGE ASSISTANCE (HELPING YOU GET INTO THE HOME OF YOUR DREAMS)

Many people do not know that the federal government and private companies offer several programs that can help you buy a home. The agencies most important for you to know about are the Department of Housing and Urban Development, the Federal Housing Administration, and the Federal Deposit Insurance Corporation. Combined with CRN’s listings and services, programs from these agencies can give you significant support during your home buying journey.

HUD

The Department of Housing and Urban Development, or HUD, is a government agency whose main purpose is to provide financing for low to middle-income families. A branch of HUD is the Federal Housing Administration, or FHA. HUD and FHA administer many programs designed to help families obtain homes. You can call HUD toll-free at (800) 767-7468 to request any HUD publication or call the HUD resource center toll-free at (800) 225-5342 to receive information directly.

FHA loans have a low three percent down payment for homebuyers who live in the homes they buy (rather than renting them out to other people). HUD may also pay the agent fees for HUD-approved real estate agents who assist you in the process.

FDIC

The Federal Deposit Insurance Corporation, or FDIC, manages assets formerly owned by failed banks. The FDIC sells undeveloped land, hotels, shopping malls, single-family homes, condominiums, and apartment complexes.

You can find out about upcoming sales in your area of the country via the Internet at http://www.fdic.gov/buying/owned, or by writing or calling your regional FDIC offices.

Fannie Mae

Fannie Mae is a blend of a government agency and a commercial institution. Fannie Mae doesn’t lend money to homeowners, but it does, in a sense, lend money to lenders so that lenders always have enough money to lend to homeowners. Fannie Mae runs the Community Home Buyer’s Program, which makes available many attractive financing options to lower- and middle-income homebuyers.

To find out more about Fannie Mae call toll-free at (800) 732-6643 and ask for information about financing for first-time buyers, or visit http://www.fanniemae.com.

Countrywide Mortgage

Countrywide Mortgage is a large national lender. It operates the House America™ Counseling Center, which is a free counseling service that helps first-time buyers repair credit, find homes, and get financing. Call Countrywide toll-free at (800) 577-3732 for information about its “House America” program. Information about additional services offered by Countrywide can be found online at http://www.countrywide.com.

Mortgage Bankers Association of America

The Mortgage Bankers Association of America, or MBA, is a trade association that represents over 3,000 members, which include mortgage bankers, mortgage brokers, commercial banks, credit unions, savings and loan associations, savings banks, and life insurance companies. Although the MBA cannot directly help you buy a home, it does provide helpful information about the home buying process. Call the MBA toll-free at (800) 793-6222 and request a free copy of Your First Steps Toward Ownership. An on-line version of this publication, as well as other useful information, can be found at http://www.homeloanlearningcenter.com.