Family Home Finance is offered to small and moderate-income families in order to fulfill their dreams about home ownership.
Some prominent
family home finance programs are discussed under the following heads:
Home/MRB Program Loans
If the family income is not more than 80% of the median income in the locality in which the property is to purchase, then the family can avail the home/MRB program loan. The borrower is given funds to help in paying a part of the closing costs. This amount depends on the loan size. Single family, vacant or seller occupied property fit the eligibility criteria of such loans.
Low Rate Program Loans
This scheme of family home finance is applicable to families who are buying the house for the first time and whose annual income is less than 115% of the median income in the locality in which the purchase is being planned. The investment of the borrower would depend on the type of the loan taken which may be conventional, FHA or VA. One to four family dwellings fit the loan eligibility criteria.
Teacher's Assisted Program Loans
Families whose annual income does not exceed 115% of the median income of the locality in which purchase is planned qualify for this family home finance program. The borrower has to be a member or employee of the parish, city or private school board. This program allows a 4% mortgage amount to the borrower, which helps in down payment and closing costs.
First Responder's Program
These programs are tailored for the Police or Fire fighters who are appointed by the state or the municipal government. There is no purchase price restriction for these people. The borrower can have a median income of 200% of the median income. This program is also applicable to licensed registered nurses, licensed practical nurses and certified nursing assistants.
Rural Development Program: This program is made available to the low income Rural Households to expand their home ownership opportunities.