Home Ownership - A Symbol Of Americal
Over the past few years the US economy as well as the world economy have been suffering through some of the worst conditions they have seen since the Great Depression. Now, with the opening of the crown of the Statue of Liberty and the rebounding of the US stock market it seems as though the US housing market and mortgage market may have weathered its big refurbishment and the American people should get back to the business of buying homes.
With this being the case here are two mortgage programs perfect for buying a home. Rates are down, home prices are down and there are still no money down and low money down mortgage programs that can be used to buy a home.
HomePath Mortgage – Buy a Fannie Mae Foreclosed Home with a special mortgage program from Fannie Mae that allows the home to be sold at the accepted sales price you negotiate with Fannie Mae. You will have to work through a real estate agent to purchase a home from the Fannie Mae REO home inventory. You can also combine a down payment assistance program with the HomePath Mortgage program and in some states you may be able to get a short term 0% interest rate loan to take early advantage of the federal housing tax credit for first time home buyers.
Good Neighbor Mortgage Program – This loan program is available to Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters as well as emergency medical technicians who are interested purchasing a home. Certain location conditions apply, but if you are willing to live in a revitalization area in your city then you may be able to purchase a home at 50% off its fair market value. If you plan on living in your home at least three years then you may have a great opportunity ahead of you.