Certain employers and government programs assist homeowners with their mortgage payments
There are a number of programs that help homeowners with their monthly mortgage payments, but not all homeowners know about them. Some of these programs are connected to employers. While not all employers offer assistance, those that do often find job seekers fighting for open positions. Homeowners can also find help through a number of government programs. Here are four different programs that can help homeowners.
- Live Where You Work (LWYW). This type of program is available through certain employers and is sometimes referred to as employee assistance. These businesses help their employees to move to new locations for work or find a home that shortens the commute. Most of these companies help with a down payment or with the closing costs.
- Mortgage loans for active military and veterans. Those who are or have been in the military may be able to get help via the U.S. Department of Veterans Affairs. The VA mortgages often require no down payments, but both the buyer and the property must meet specific guidelines.
- Mortgages for teachers and first responders. Like the VA, those who work as a teacher, nurse, police officer, firefighter, or other type of emergency personnel may qualify for a home loan through the U.S. Department of Housing and Urban Development. These “Good Neighbor Next Door” loans can cover half of the cost of the home.
- High-income earner loans. These loans are aimed at lawyers, doctors, and others who anticipate earning high salaries eventually but enter the workforce with a large amount of student loan debt. They require little down payment.
MoneyTips can help you refinance your existing home loan.