First Time Home Buyer

If you are a first time home buyer you may be able to get a better deal on a home mortgage than the average home buyer. The federal government offers a variety of programs and grants to first time home buyers. Lenders look favorably on first time home owners for home mortgages because they know it is the first home and that the occupants will strive to take care of the home. Federal governments programs and grants are available, generally can get a lower rate. A mortgage specialist can help you find one of these lenders.
For more information to go:
www.hud.gov/buying/index.cfm

HUD (U.S. Department of Housing and Urban Development) funds housing counseling agencies throughout the country who can give you advice on buying a home, renting, defaults, foreclosures, credit issues and reverse mortgages.

To buy a HUD home start by finding a participating real estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.
To contact an agency nearest you go to:
www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
or call (800) 569-4287.

Homeowners with problems that could result in default of their mortgage or foreclosure on their property need to contact a HUD-approved housing counseling agency immediately.

HUD updates their list of HUD Homes for sale every day. If you see one that interests you, contact one of the real estate agents in your area who shows HUD homes. They can help you from there.
For more information go to:
www.hud.gov/offices/hsg/sfh/reo/homes.cfm

Federal Laws
Major laws that govern financial institutions and protect individuals in their financial dealings

Organizations

Fannie Mae
Freddie Mac
Ginnie Mae
Nellie Mae
Sallie Mae

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Directory of Federal Agencies
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