Home Loans For Seniors On Social Security

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Home Loans For Seniors On Social Security

Edited by Troy Segal Edited by Troy SegalArrow Senior Homeowner Troy Segal is a Senior Homeowner specializing in everything from maintenance and upkeep to building equity and improving value. Troy Segal

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First-time homebuyer programs and grants can help make your goal of becoming a homeowner a reality. We've rounded up some of the best national grants, programs and loans for first-time home buyers that can help you get into your first home without needing a 20 percent down payment.

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Loan rates follow? With interest rates in flux these days, it is important to determine the right time to save on your mortgage with our weekly rate trends. Getting the lowest price can save you thousands in the long run.

Conventional loans are among the most popular types of loans: they have no special eligibility requirements, come with low down payments and are available from a variety of reputable lenders, both traditional and online.

Fannie Mae and Freddie Mac set lending guidelines for conventional mortgage programs. With a low down payment of 3 percent, these plans are an affordable option for borrowers with solid credit and income:

You don't work directly with Fannie Mae or Freddie Mac to get these loans. Instead, they are available through many types of mortgage lenders, including banks, online lenders and credit unions.

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The federal government operates many first-time home buyer loan programs. However, they often have special requirements regarding the location or type of property, or the borrower's criteria (such as military service).

Federal loans are loans backed by a government agency, whether it's the Federal Housing Administration, the Department of Veterans Affairs, or the Department of Agriculture. However, they are not created or funded by these organizations; are offered by accredited mortgage lenders throughout the U.S. Some lenders even specialize in certain types.

Making green improvements can be expensive, but you can get an energy efficient mortgage (EEM) (or a conventional loan or one backed by FHA or VA) to help finance it. With this type of loan, you can cover energy-efficient improvement costs (think new installations, a more efficient HVAC system or double-paned windows) on your principal loan, without requiring a large down payment.

However, EEMs come with larger mortgage payments (because you're borrowing more), and there are certain requirements you must meet, including getting an energy rating.

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The Good Neighbor Next Door program, sponsored by the United States Department of Housing and Urban Development (HUD), provides housing assistance to law enforcement officers, firefighters, emergency medical professionals and pre-kindergarten through 12th grade teachers. Through the program, borrowers can get 50 percent of the equity in a "renovation zone" as long as they live in the home for at least three years. You can search for properties available in your region on the program's website.

Fannie Mae's HomePath ReadyBuyer program is aimed at first-time buyers interested in a foreclosed home. After taking a required online homebuyer course, qualified borrowers can receive 3 percent closing cost assistance for the purchase of a foreclosed property now owned by Fannie Mae, called a HomePath home. Of course, this limits your choice of properties, which (like most foreclosed homes) can require a lot of maintenance, so this plan isn't for everyone.

The Native American Direct Loan (NADL) provides financing to Native American veterans and their spouses to purchase, improve, or build a home on federal trust land. This loan is different from a traditional VA loan because the VA is a mortgage loan. There is no down payment required with this type of loan, like mortgage insurance, but there is a financing fee.

First-time home buyers can easily buy a home with down payment assistance (DPA), which is a lump sum offered as a grant, second mortgage (with varying repayment terms) or matching savings.

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Down payment or first time home buyer grants are free money that helps you pay for your down payment or closing costs. Subsidies are usually awarded to low- or moderate-income borrowers, generally defined as earning more than 80 percent of the area median income (AMI). They also come with a number of other requirements, such as limits on the purchase price of the home and minimum credit limit. You may be able to apply for multiple grants, so don't be shy about trying to get more financial aid.

In addition to grants, there are a variety of down payment assistance loans - a second loan you take out with the first mortgage you use to buy a home:

Down payment matching savings programs help increase the amount a borrower puts down to buy a home by matching the borrower's savings. These plans are arranged for a certain period of time and offer mutual funds up to a certain amount, which can only be used for down payments and closing costs.

For example, some federal housing finance agencies offer individual development accounts (IDA), which can contribute up to three dollars for every dollar saved by the borrower. Those who qualify work with an assigned advisor to invest in an IDA within a specified time frame. If the borrower follows the plan and saves the required amount, he will get the same at closing.

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Many states and municipalities offer first-time homebuyer grants (which do not have to be repaid) and low-interest loan programs. Some are lures to attract residents,

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