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Finding a Lender
If you have already used the Affordability Calculator to obtain an estimate of the maximum loan amount, house price, and the types of loan programs for which you may qualify, the next step is to find prospective lenders in your area that may formally approve the loan. This is also the time for you to ask your local lenders about opportunities in the following programs:
Government Loan Programs: FHA and VA offer loan programs
particularly beneficial to low- and moderate-income individuals. Contact
your local FHA and VA lenders to learn more about these government loan
opportunities. Additionally, you may want to find out about opportunities
through the Native American Programs
and the Rural Housing Service (RHS).
State and Local Housing Programs: Potential home buyers can familiarize
themselves with the variety of state and local housing programs that offer
additional benefits in their local area.
Ginnie Mae's Targeted Lending Initiative (TLI): A government
initiative offering increased mortgage loan availability in designated
areas that have been traditionally underserved. These service offerings
are especially beneficial for low-income and moderate-income home buyers.