The United States Department of Housing and Urban Development, or HUD, offers a variety of governmental resources including rent assistance programs, home ownership programs and foreclosure prevention programs. Information about each of these programs and more is available on the HUD official website.Continue Reading
Rental assistance programs are in place to assist landlords in offering lower rent to renters who meet certain income guidelines. Through these governmental resources, section 8 vouchers are issued to low-income tenants to pay a portion of the monthly rent cost. Also through these resources, public housing is offered through select apartment complexes at rental rates that are based on monthly income.
Home ownership programs such as FHA loans are another government funded resource offered by HUD. As of 2015, with an FHA loan, the homeowner may be approved with as little as 3.5 percent of the purchase price as a down payment. FHA loans are often favorable to lenders because the government funds are insuring the repayment of the amount of the loan.
In addition, foreclosure prevention programs are available through HUD that use government funds to help homeowners keep their homes. These programs include some that modify the original terms of the mortgage in order to make mortgage payments more affordable for the homeowner.Learn more about Social Services