Special Mortgage Programs – Types of FHA Loans
Today, there are several special mortgage programs, which we will try to understand.
In this article, you will find brief information about the main special mortgage programs. For a more complete study of the mortgage program, follow the link to the relevant page. In the sections of the site ” Mortgage banks ” home loan programs, you can learn more about the specific program of the selected bank.
So, in the article: mortgage without a down payment, mortgage for young families, state mortgage, mortgage without commission, social mortgage, military mortgage. And also the program “Building Together”, the national project “Affordable and Comfortable Housing for the Citizens of Russia”.
Mortgage without a down payment
This is not quite the correct name of the program. To secure a mortgage without an initial installment, you will have to take a consumer home loan program and use it as a down payment or use the already available apartment on bail. However, here it is important to remember that the family must have a sufficient level of income so that the aggregate amount of loans is sufficient to purchase housing. Home mortgage loans without an initial installment increase the risks and are not as widespread as a mortgage with a down payment, although it has its supporters.
- Mortgage without a down payment offered, for example:
- Bank of Moscow
- Absolut Bank
- Housing Finance Bank
However, it should be noted that as a result of the emergence of a mortgage crisis in the US in 2007, many banks have tightened requirements for borrowers, and at present, there are practically no banks that would issue home loan programs without an initial installment. The very same minimum down payment also increased to 15-20% of the value of the real estate.
More details about the mortgage without a down payment.
Mortgage – for young families
Participants in the subprogramme are young families who are recognized in due course as needing better housing conditions and permanently residing on the territory of the constituent entities of the Russian Federation participating in the implementation of the subprogram.
If you are a young family and dream of living in your own apartment, then you have the opportunity to become participants of a special state subprogram “Mortgage to Young Families“.
Mortgage young can be issued in the bank, starting at 18 years old. At the same time, there are a number of vowel and tacit restrictions that age places on the receipt of a mortgage home loan programs
The right to improve housing conditions using a subsidy or other form of state support at the expense of the federal budget is granted to the young family only once. The subsidy is provided in the amount not less than: 35% of the estimated (the average cost of housing, determined in accordance with these Rules – for young families without children, 40% of the estimated (average) cost of housing, determined in accordance with these Regulations – for young Family with 1 or more children