There are many resources at the state and local level prospective homebuyers can access for information and support on purchasing a home, obtaining down payment assistance, repairing credit to prepare for a mortgage and securing financial support for home repairs and renovation. Your lender will often know about local programs offered in your area.   In addition, talk to your real estate agent, local housing authorities and local non-profit organizations supporting homeownership for possible programs in your community.

You may also want to view the following information on purchase programs, purchase incentives and other helpful resources.

Habitat for Humanity: An international non-profit organization dedicated to building safe, decent and affordable housing, Habitat for Humanity has local affiliates in many cities across the country.  Contact your local Habitat office for information on the qualifications for becoming a Habitat homeowner.  Homeowners must meet income requirements, contribute 400 hours of “sweat equity” to the construction of their home and assume a zero interest rate mortgage. Because the homes are built with volunteers and costs are reduced with donated building materials, the homes are an excellent value and well built.

www.hudhomestore.com:  In addition to being the offer site for the purchase of HUD-Owned properties, this website contains valuable information on all aspects of homeownership, plus resources on lending institutions, purchase programs and local certified housing counseling agencies.

www.HomeSteps.com:   Sponsored by Freddie Mac, this site offers homebuyer special offers including their First Look Initiative which provides an exclusive preview period for owner occupants.  Their Smart Buy program offers a limited two-year HomeProtect Home Warranty, with up to 30% savings on new appliances with certain restrictions and, limitations.  Ask your Real Estate Agent for more information

www.HomePath.com:  A Fannie Mae resource, this site offers information on special financing programs, special buyer offers and First Look previews of REO properties.  Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.  Ask your Real Estate Agent for more information.

Local Housing Counseling Agencies:  Click here for a list of local non-profit housing counseling agencies in your area.  They can assist in identifying local programs and incentives that may be of assistance to you in the purchase or renovation of a home.

Good Neighbor Next Door Program: 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. For more information, go to: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

FHA 203 K Financing: The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. 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 the 203(k) is an important program and supports the lenders that participate in it. For more information, go to: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

HUD Sales Incentives: HUD offers several sales incentives on HUD-Owned homes that  help to make these homes more affordable for homebuyers.  The incentives vary from state to state, but may include the following:

• $100 down payments on HUD Homes financed with FHA-insured financing
• Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount
• Broker bonuses for owner-occupant sales.

For more information, go to: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/talk/salesincentives