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FHA loan programs offer lower downpayments and are a good option for first-time homebuyers. Let FHA help you.

There are numerous home buying programs available to various types of home buyers, depending upon their ability, situation, profession etc. Some of them are listed below:

• HOPE for Homeowners H4H: FHA has introduced a new mortgage insurance program called the HOPE for Homeowners (H4H) Program. Under this Program, certain borrowers facing difficulty in paying their mortgages will be eligible to refinance into affordable FHA-insured mortgages.  The H4H Program is effective for loans or after October 1, 2008 through September 30, 2011. Learn about this program here.

• FHA Jumbo Loan Program: Effective March 6, 2008, HUD will offer temporary FHA Jumbo loan limits that will range from $271,050 to $729,750 (Limits). Overall, the change in loan limits will help provide economic stability to America's communities. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas. Previously, FHA's loan limits in these very high-cost areas were capped at $362,790. Learn more about this program here.

• Reverse Mortgages: A reverse mortgage (or lifetime mortgage) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care). A reverse mortgage is analogous to an annuity where the principal and interest are paid with homeowner's equity. Learn more about this program here.

• FHA Secure Program: In September of 2007, the Federal Housing Administration announced FHASecure, a temporary initiative to permit lenders to refinance delinquent adjustable rate mortgages (ARMs) and/or to offer new subordinate financing where the combined loan-to-value ratio exceeds the applicable FHA loan-to-value ratio and geographical maximum mortgage amount. Learn more about this program here.

• 203-K Rehab Loans: The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan.  As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA  203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it. Learn more about this program here.

• 203-K Streamline Loans: The 203(k) streamline loan program offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity, without the extra cost or details as found in the regular 203k.  One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home. Learn more about the program here.

• FHA Kiddie Condos: A great way for young adults to get started buying their first home is by using the FHA "Kiddie Condo" Loan Program. This type of mortgage allows a person to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.) who helps qualify for the loan using their income or assets. Both borrowers take title to the property and sign for the loan. Learn more about this program here.

• Officer Next Door: The U. S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. Public safety improves when police officers live in a neighborhood. The Officer Next Door (OND) program helps make this goal a reality by making homeownership faster and more affordable for Law Enforcement Officers*. Learn more about this program here.

• Teacher Next Door: The Teacher Next Door program was established by the Department of Housing and Urban Development (HUD) to offer single-family houses, townhouses and condominiums for sale to a  teacher at a 50 percent discount. The goal through the Good Neighbor Next Door program is to encourage teachers to buy homes in low and moderate-income neighborhoods. Learn more about the program here.

HUD's special home buying programs:

• Good Neighbor Next Door: Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

How the Program Works

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home.

• Homeownership for public housing residents: HUD wants to help public housing residents become homeowners! If you're a public housing resident, you may be able to convert your rent into a mortgage payment. Check your Public Housing Homeownership Programs