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Many people dream of owning a home, but it can be difficult to save enough money for a down payment and closing costs. Fortunately, federal, state and local governments offer a variety of programs to help people purchase their first home.

Federal Programs
The Federal Housing Administration (FHA) offers insured loans, which means that the lender will not lose money if the borrower defaults on the loan. FHA loans offer smaller down payments and lower closing costs than other types of loans and have competitive interest rates. Down payment requirements depend on the borrowers credit score.

The Department of Housing and Urban Development (HUD) sponsors the Good Neighbor Next Door program, which helps police officers, firefighters, emergency medical technicians and teachers buy homes. In regions designated as “revitalization areas,” buyers can receive a significant discount on the purchase price, as long as they agree to live in the house for at least three years.

The United States Department of Agriculture (USDA) also offers assistance to homebuyers. The USDA guarantees loans for homes in rural areas. The properties do not need to be used as farms. Income limits and down payment requirements vary.

Fannie Mae and Freddie Mac are entities sponsored by the federal government that offer loans to people with low- and moderate-incomes through local lenders. The loans are offered with low down payments and competitive interest rates.

Assistance for Veterans
The Department of Veterans Affairs (VA) offers home-buying assistance for active-duty members of the military, veterans and surviving spouses. The VA partially guarantees the loans and offers them with no down payment, no minimum credit score, no private mortgage insurance and competitive interest rates.

The VA also offers the Native American Veteran Direct Loan. The program helps Native American veterans and their spouses purchase houses located on federal trust lands. These loans do not require down payments or private mortgage insurance and come with low closing costs and fixed rates for 30 years.

Help With Home Improvements
Many people would like to make their homes more energy efficient to reduce their long-term energy costs. The Energy-Efficient Mortgage program allows buyers to make upgrades to improve energy efficiency without raising their down payments. The loans are insured through the FHA or VA.

Some first-time homebuyers look for inexpensive fixer-uppers. The Section 203(k) rehabilitation program, which is backed by the FHA, allows buyers to borrow money to make improvements and includes the costs in the total value of the mortgage.

Other Programs
Many states and cities also offer programs designed to help first-time homebuyers. You can learn about these programs by visiting your state or local governments website or talking to a local real estate agent or a HUD-approved housing counseling agency.

Research Available Options
Buying a first home can seem daunting, but it doesnt have to be. Several programs are available to help first-time buyers in a variety of circumstances. Explore your options to get help so you can be on the road to buying the home of your dreams.

Published with permission from RISMedia.

Here are a few ways to spruce up your bedroom with the latest gadgets…

Automated Blackout Shades

Sync your shades with your sleep schedule and keep the room dark until its time to get up.

Dawn Simulation

Enjoy a dawn simulation by setting your lights to slowly turn on in the morning and wake up to a warm, gentle glow.

Smart Beds

Choose your ideal firmness on each side of the bed and drift away as it senses your movement and automatically adjusts to your sleeping position.

Dynamic Temperature Control

Set your thermostat to meet your needs and create the ideal atmosphere that warms or cools as you wake.

Published with permission from RISMedia.

Anyone who owns a home knows that homeowners insurance is essential. It’s coverage you need to have in the event your home suffers significant damage. But understanding just what your insurance covers is not as simple as it sounds, and reviewing your coverage regularly is a prudent idea.

Are you covered for floods? Fires? Earthquakes? All three? Does your policy provide guaranteed replacement cost”which, for obvious reasons, since houses appreciate in value, may be almost prohibitively expensive? And what about exclusions? Many homeowners aren’t sure exactly what their coverage will pay for.

Financial advisors at consumer resource The Motley Fool suggest asking yourself three pointed questions when purchasing or renewing homeowners insurance:

What does it cost to build in your area? There’s no way to price disaster insurance effectively without knowing what it would cost to rebuild your home. You need to know the per-square-foot average construction cost for your zip code”a number you should be able to get from a reputable insurance agent”then multiply that by the total area of your home to get the replacement cost. Insure for that amount, and then recheck the pricing regularly.

What risks does your home face? Exclusions and riders are common for homeowners insurance. In Colorado, for example, policies frequently exclude damage from mold, since mold doesn’t thrive in the state’s dry climate. Other common exclusions apply to older homes, where outdated plumbing or fixtures may lead to greater risks. Be sure you understand exactly what risks your insurer will be covering.

What’s my back-up fund like? The best way to save money on a homeowners policy is by taking on a higher deductible. But the higher your deductible, the less likely you will be to put in a claim for any lesser damages that may occur. You will need to have an emergency fund large enough to cover the gap in the event you ever need to.

Interested in housing and real estate tips? Feel free to contact me directly.

Published with permission from RISMedia.

How many times have you heard the story about people who move into their dream home only to find out that theres a huge plumbing issue or noisy neighbors next door? Learn from their mistakes, and reconsider certain factors before signing on the dotted line. Heres a comprehensive checklist for homebuyers when it comes to deal breakers:

Plumbing: If the plumbing isn’t working, guess who has to spend money fixing it? You got it: the person who signs on the dotted line. Plumbing issues can be even harder to address in older homes that have an outdated set-up. Be sure your inspector conducts a thorough evaluation before closing.

Electrical System: Whatevers not there has to be added, and whatever is not working has to be fixed. And since were talking about electricity, you could literally be playing with fire when it comes to outdated systems.

Roof: Here come the leaks. Or the potential leaks that will pop up after your first winter at the new place. You dont want anything getting in between you and your Christmas dinner, so make sure the home has a roof that is reliable and can be easily maintained.

Location: If you want a home by the beach, dont buy a home in the city. But departing from the obvious, keep in mind how noisy or quiet your street is, or how close your home is from the things that affect your lifestyle.

Layout: Similar to the location, you want to make sure your future house is laid out as close to what you had in mind as possible. If the bedrooms are too small to fit two kids per room, it will be costly to make those upgrades.

Placement: This detail is often overlooked. Your home might be laid out perfectly and in a location you approve of, but it might be placed too far or too close from the street. Your home could also be sandwhichedagainst another house, not allowing for any privacy, or it could be too secluded. Before buying, take a good look around the outside of the home, not just the inside.

Flooding: Make sure youre aware of whether or not your home is at risk of flooding, and dont dismiss this factor just because youre not close to a body of water. A slope in the road combined with a bad draining system can have your front porch swimming with the fish after a heavy rainfall.

Upgrade Restrictions: Dont get carried away with upgrade ideas before first double checking that there are no local restrictions. Ask the local municipality directly, given that the seller may not even know for sure.

History: In essence, make sure that your house has been patched up correctly through the years. You dont want to invest in a place that appears fine but may actually start collapsing after a few months.

Also keep in mind that the things that may inconvenience you now will also inconvenience a future buyer. Make sure youre not locking yourself into a bad deal.

Source: Zillow; LearnVest

Published with permission from RISMedia.

From traditional elegance to contemporary cool, heres how to design a white kitchen.

Go Big on Marble

Marble is perfect for creating sophisticated countertops and backsplashes.

Warm It Up With Wood

Easily warm up the ambiance and create an effortlessly timeless aesthetic.

A Touch of Texture

There are plenty of ways to add texture, like terrazzo floors or exposed white brick walls.

Introduce Accents

A white kitchen doesnt have to be entirely white. Introducing an accent color is advised to mix it up a little bit.

Maximize Natural Light

Sun exposure will help create a light and airy atmosphere in your kitchen.

Published with permission from RISMedia.