Program Description The Manufactured Home Loan Insurance program makes reasonable financing possible for purchasing manufactured homes. General Program Requirements In order to qualify for this benefit program, you must be buying a manufactured home that will serve as a primary residence.

The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. This is one of HUD's most frequently used loan insurance products--by the end of fiscal year (FY) 1996, it had insured almost 35 million loans totaling $43.6 billion.

This program may help individuals finance the cost of purchasing and rehabilitating their new or existing home. While HUD does not lend money directly to buyers to purchase a home, FHA-approved lenders make loans through a number of FHA-insurance programs.

To assist qualified lower income rural families to meet emergency assistance needs resulting from natural disaster to buy, build, rehabilitate, or improve dwellings in rural areas. Funds are only available to the extent that funds are not provided by the Federal Emergency Management Agency (FEMA). For the purpose of administering these funds, natural disaster will only include those areas identified by a Presidential declaration. Direct loans may be used for construction, repair, or purchase of housing. Payment subsidy is available to eligible low and very low-income applicants. The term payment subsidy refers to either payment assistance or interest credit. A payment subsidy reduces the borrower's scheduled payment to an amount equal to what it would be if the note were amortized to as low as one percent. Payment subsidies are subject to recapture by the government when the borrower transfers title or ceases to occupy the property.

Direct and guaranteed loans may be used to buy, build, or improve the applicant's permanent residence. New manufactured homes may be financed when they are on a permanent site, purchased from an approved dealer or contractor, and meet certain other requirements. Under very limited circumstances, homes may be re-financed with direct loans. Dwellings financed must be modest, decent, safe, and sanitary. The value of a home financed with a direct loan may not exceed the area limit. The property must be located in an eligible rural area. Assistance is available in the States, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's, and the Trust Territories of the Pacific Islands. Direct loans are made at the interest rate specified in RD Instruction 440.1, Exhibit B (available at http://www.govloans.gov/govbenefits/externalLink.jhtml?url=http://www.rurdev.usda.gov/regs/regs/pdf/04401.pdf or in any Rural Development local office).

The Farm Labor Housing Loan and Grant program provides capital financing for the development of housing for domestic farm laborers. Farm Labor Housing loans and grants are provided to buy, build, improve, or repair housing for farm laborers, including persons whose income in earned in aquaculture (fish and oyster farms) and those engaged in on-farm processing. Funds can be used to purchase a site or a leasehold interest in a site; to construct housing, day care facilities, or community rooms; to pay fees to purchase durable household furnishings; and to pay construction loan interest.

The Rural Housing Repair Loans and Grants program provides loans and grants to very low-income homeowners to repair, improve, modernize, or to remove health and safety hazards in their rural dwellings. Loans are arranged for up to 20 years at 1% interest. Grants may be arranged for recipients who are 62 years of age or older and can be used only to pay for repairs and improvements to remove health and safety hazards. Loan/grant combinations may be arranged for applicants who can repay part of the cost. Very low-income for this program is defined as below 50 percent of the area median income.

VA loan guaranties are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home loan. You must have a current VA loan to be able to utilize the Interest Rate Reduction Refinancing Loan (IRRRL) program.

This loan program is a small "companion benefit" to VA's Specially-Adapted Housing (SAH) Grant program. It's rarely used, but it's available if a an SAH-eligible veteran or service member should need it. The goal of the SAH program-as a whole-is to provide a barrier-free living environment which affords the veteran or service member a level of independent living he or she might not otherwise enjoy.

Program Description VA guarantees a percentage of the loan. This helps the veteran obtain a no-down payment mortgage at a competitive interest rate. General Program Requirements Persons who may qualify for VA guaranteed loans include Veterans (including Reserve and National Guard members who were called to active duty) Active duty service members Current Reserve and Guard members (usually after 6 years of reserve service) Certain surviving spouses