Are you planning to buy a new home and do not have enough money for the down payments? Well Federal Housing Administration’s loan (FHA Loan) would definitely be able to help you. As we know, the down payment of a home could be anything amidst 3% to 20% of the total selling amount. President Barack Obama’s 2009 Stimulus Package is determined to save the homes of the home owners and help the first time home owners get their dream come true.

In accordance this package has come along with several grants, tax credits and loans for the individuals. Many of these have special packages for the first time home buyers. These packages would not only get them a loan to buy the home but also manage their down payment.

Here are some tips to apply for the FHA Loan with low down payments:

The FHA Loans are particularly helpful for the low & medium income groups.

The rates of interest on the FHA loans can be as low as 3%. Also the closing costs of the deal can be included in the mortgage value.

The FHA mortgage requires down payment equivalent to 3.5%. That means $ 35 against every $ 1,000.

Like all other loans, when you apply you must have all the required documents in place.

You may look for help through the HUD (US Federal Housing & Urban Development Department) appointed counselors. They do not charge you for their services and try their best to help you and give the right information.

To gather the information you must also go through the FHA & the HUD website properly.

Some of the other agencies that help you get a partial amount of loan & down payments are AmeriDream, Nehemiah, American Family Funds (AFF), Family Home Providers, Futures Home Assistance, Grant America, Housing Action Resource Trust (HART), Newsong, etc.

Author: Sani Orman
Article Source: EzineArticles.com
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