4 Powerful Federal Programs for Home Owners



According to the National Multifamily Housing Council (NMHC), over 60 percent Americans own a home. Over 50 percent of these homeowners are under the age of 50 years old. Many Americans either dream of owning a home or are struggling with financially maintaining their current home. Luckily, the federal government offers excellent programs to help home owners.

Family with two children (3 and 9 years) standing in front of home.

GovLoans.gov

This is the federal government’s official gateway for government loan information. This useful website offers online prescreening eligibility tools to help find a loan through different government departments, including the Departments of Agriculture and Commerce. Other departments include the HUD, USDA and the SBA. Keep in mind that you cannot directly apply for loans or become eligible through the site, but rather must contact the federal department directly.

The Federal Housing Administration (FHA)

The FHA offers the Energy Efficient Mortgage program (EEM), which helps both home buyers and owners save money by adding an energy-efficiency option to their home purchase or existing mortgage. That is, the EEM acts as a mortgage credit for home energy-efficiency improvements. As an added benefit, the home buyer or owner will save money on utility costs, reduce pollution and be able to make improvements to their home. The FHA insures all EEM mortgages. The VA also offers veterans their own EEM mortgage.

The U.S. Dept. of Veteran Affairs (VA)

The VA offers military veterans a variety of home loan benefits, such as purchase loans, refinance loans, adapted housing grants and other state resources. Most of these programs can be applied to online through the VA’s eBenefits website. Keep in mind that VA does not provide home loans, but instead guarantees part of the loan through private banks and mortgage companies. In addition to this, there are also well-known private sources for VA mortgage assistance, such as Low VA Rates. Learn more about VA home loan programs online.

U.S. Dept. of Housing and Urban Development (HUD)

HUD offers a variety of helpful federal programs for homeowners. For example, the Treasury Department and HUD offers a joint program called Making Home Affordable that provides different programs for homeowners struggling with their mortgage payments. The goal of this program is to provide mortgage relief, avoid foreclosures and help stabilize the housing market. Learn more at Makinghomeaffordable.gov.

In conclusion, the federal government offers powerful programs to help both home buyers and owners. Learn more homeowner statistics at NMHC.org.

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