Not everyone has heard of Community Housing and Facilities Programs (HCFPs) as they fund many types of loans in addition to the conventional home loan in a town or suburb of a town. They also provide funds for rural community facilities, apartments for low-income people and the elderly.
They provide funds for many types of loans, including housing for farm workers, daycare centers, retirement homes, and schools. In addition, they include police and fire stations, hospitals and libraries. To know about the various loan programs, browse the internet.
The HCFP has a loan guarantee program which is similar to FHA or VA loans in that they do not actually fund the money. With this type of program, a borrower can borrow up to 100% of the appraised value of the home they want to buy. Borrowers eligible for this type of loan can have 115% of the median income of the region in which they live.
Housing and community facilities programs for individuals are intended for the following:
- single-family rural house;
- home renovations and repairs;
- assistance programs for the disabled, low-income rural residents of multi-family dwellings and the elderly.
Then there is the HCFP direct loan program which allows individuals or families to qualify for a home loan at a reasonable interest rate. There are limits to loans made under this program and they differ depending on the region in which you live. Additionally, borrowers using this program must be in the low income bracket that falls below eighty percent of their community median income.