The Federal Housing Administration (FHA) is a government entity that offers mortgage insurance on loans made by FHA-approved lenders.
The USDA (United States Department of Agriculture) manages a program whereby a buyer can borrow up to 102% of the home’s appraised value, thus eliminating a down payment. This program is only available in certain non-urban geographic locations, but these sites can include small towns and villages close to larger cities.
Veterans are eligible for VA (Veterans Affairs) mortgage loans with zero down payments. Credit requirements are similar to those associated with FHA loans. The program is also available to the unmarried surviving spouse of a veteran who died on active duty or because of a service-related disability.
Refinancing your current loan can be very beneficial for many reasons including; shortening the length of a mortgage (i.e. refinancing a 30-year mortgage into a new 15-year mortgage), consolidating debt, or refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage (or vice versa).
SDHDA is a self-supporting, nonprofit entity that utilizes housing bonds, tax credits, and other federal and state resources to fund housing programs which provide mortgage and downpayment assistance, housing construction and and rehabilitation, homelessness prevention, and rental assistance.