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Q: A friend told me that I may be able to get a home loan through the www.hud.gov website. Who is www.hud.gov, and do they really provide home loans for first time home buys who do not have any money to put down on the home?

A: www.hud.gov is the website for the US Department of Housing and Urban Development. The U.S. Department of Housing and Urban Development (www.hud.gov) is not a home loan lender. The U.S. Department of Housing and Urban Development is an administrative agency that is in charge of and/or responsible for many federal housing agencies and programs. One of the housing programs that HUD oversees is the Federal Housing Administration, which insures home loans from defaulting in certain qualifying areas.

So while www.hud.gov is simply not handing out no money down home loans to first time home buyers, if the price of the home an individual wishes to purchase qualifies for the FHA insurance program, and your lender is approved to offer FHA insured loans, you may be able to take advantage of low down payments, low closing costs, easy credit qualifying, and/or other benefits associated with FHA loans.

The US Department of Housing and Urban Development (www.hud.gov) works to promote the equal opportunity of homeownership to all American citizens, and one of the ways they accomplish this is buy offering programs such as FHA to first time home buyers who may mot have a substantial amount of money to put down on a home. With FHA, you will need a down payment, but the down payment could be as low as 3.5% of the purchase price of the home, and included in the loan could also be most of your closing costs and fees. First time home buyers, or home buyers who may not have great credit or much money to put down on a home, can visit www.hud.gov to learn more about FHA loans and other programs www.hud.gov offers which may be of assistance.

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