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Sunday, 19 January 2014

I Need Help With My Mortgage Payments - Mortgage Assistance Program from the Government for Low Income



Although this blog is all about finding financial assistance from millionaires, billionaires and celebrities, I still get emails from readers asking me what help they can get towards their mortgage payments. January is one of the hardest months where foreclosures are at an all time high. The guide below will explain everything you need to know from buying a house to filing for mortgage assistance.

Feel free to share this guide with anyone who might find it useful. Also feel free to leave a comment below as it’s always nice to hear from readers who have benefitted from my research. Although this post is primarily about mortgage assistance from the Government I thought I would add the entire home buying process for completeness.

Find the Right Mortgage

The Government has so many tools to help you find the right mortgage. Depending on your circumstances you could apply for a very cheap mortgage where the repayments will be much lower than what you would have got from the bank. The Government’s Federal Housing Administration (FHA) will help you find properties with low down payments, low closing costs and east credit scoring. Another useful service the Government offers is Loan Assistance Programs, these programs help businesses and individuals apply for cheap loans. You should also inquire into Energy Efficient Mortgages (EEM) which are gaining popularity. All the bookmarks are shown below.


Before You Buy a Home

There are many home buying programs offered by the Government to help new home buyers find the right home. You can search for these home buying programs for your state. Another program worth mentioning is the Good Neighbor Next Door Program which is available to Fire Fighters, Medical Technician, law enforcers and Pre-Kindergarten through to 12th Grade. If you’re eligible for the program you could receive a 50% discount off the list price. With house prices at an all time low it’s worth checking this program out. Another helpful program offered by your local Public Housing Agency is one that allows public housing residents to convert their rental premises to mortgage payments. All the programs are listed below.


Work Out Your Mortgage

Before you take out any debt you must be certain that you can afford it. The Mortgage Calculator offered by the US Housing and Urban Development Department is one of the best calculators to work out whether a mortgage is affordable. You should also check out HUD’s guide on avoiding predatory lenders offering fraudulent loans.


Mortgage Assistance Programs and Foreclosure

If you’re struggling to make ends meet the you should check out the Making Home Affordable Guide offered by the US Housing & Urban Development Agency. The guide will offer options to struggling homeowners so they can get mortgage relief on their mortgage. The Housing Counselling Agency is funded by HUD to offer homeowners with low cost advice on mortgage related issues. You can also find all the frequently asked questions on Reverse Mortgages. All the bookmarks can be found below.


I really hope this complete guide helps struggling homeowners with their mortgage payments. As always feel free to share the post with anyone who might benefit from it and remember to leave a comment as it’s always nice to hear from readers.

1 comment :

  1. Please feel free to share this post with anyone who might find the content beneficial. Also feel free to share your thoughts by commenting below.

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