Government-Insured Loans
Mortgage loans are also available through three programs of the federal government:

• Federal Housing Administration (FHA): This mortgage insurance program is operated by the U.S. Department of Housing and Urban Development (HUD). The FHA program allows you to purchase a home with very low down payment. FHA mortgages have a maximum loan limit that varies depending on the average cost of housing in a given region.
• Veteran's Administration (VA) - This is a loan guarantee program. The VA guarantee allows qualified veterans to buy a house costing up to a specified amount with no down payment.

Mortgage Sources

• Commercial banks, mortgage companies, federal credit unions, savings and loan associations and financial companies.
• A good place to start is with a financial institution where you already have a checking or savings account.
• Many local newspapers, in the real estate section, run comparative mortgage rate charts each week, and there may even be a mortgage rate hotline in your area.

Credit Report
Your credit report will show how you have handled past debt and credit accounts. If possible, obtain a copy before you begin this process. This will allow you time to correct any erroneous information.

Government-Insured Loans
Mortgage loans are also available through three programs of the federal government:

• Federal Housing Administration (FHA): This mortgage insurance program is operated by the U.S. Department of Housing and Urban Development (HUD). The FHA program allows you to purchase a home with very low down payment. FHA mortgages have a maximum loan limit that varies depending on the average cost of housing in a given region.
• Veteran's Administration (VA) - This is a loan guarantee program. The VA guarantee allows qualified veterans to buy a house costing up to a specified amount with no down payment.

Mortgage Rates

• Compare mortgage rates and the different types of terms that are available. Once you choose a lender, discuss with your loan officer the advantages and disadvantages of a fixed versus an adjustable rate mortgage. A fixed-rate mortgage maintains the same interest rate throughout the life of the loan. An adjustable rate mortgage (ARM) allows the interest rate to fluctuate.
• The same lender will quote different interest rates for each type of loan it offers. The interest rate will determine the loan amount you qualify for and the amount of your monthly payment.
• Lenders may charge a loan origination fee in the form of points. Points are usually paid at closing. There are different down payment options available, depending on the type of loan.

Be prepared to pay up front fees when you begin the application process for your loan. Typically, these costs include a credit report fee and appraisal fee. To obtain a government insured loan, you must apply through certain government approved lenders.

Credit Report
Your credit report will show how you have handled past debt and credit accounts. If possible, obtain a copy before you begin this process. This will allow you time to correct any erroneous information.

Mortgage Assistance
The Pinellas County Department of Community Development and the Housing Finance Authority can make the dream of a new home come true for you! A variety of great programs are available to assist you.

Low Interest Rates for First Time Home Buyers
Thirty year, fixed rate mortgages are available to first time home buyers through participating lending institutions. Low interest packages are offered to qualified buyers, some of which carry with them down payment and closing cost assistance.

Home Buyer Training
The Home Buyer Club provides individual counseling and longer-term support for prospective buyers who find that they must correct credit or other problems before they can qualify to buy.

Income and purchase price limits apply to all mortgage assistance programs. For complete details, call the Pinellas County Department of Community Development at (727) 464-4851 or the Housing Finance Authority at 1(800) 506-5154.

Purchase and Repair
With this loan program you can buy a home that needs a little TLC and get money for renovations at the same time. You get help estimating costs, soliciting bids, and working with contractors. You can borrow up to 25% of the total cost of purchase and rehab at 1% to 5% interest.

If you have question about any of the procedures mentioned here, or wish to check the complaint history of a business, contact the Pinellas County Office of Consumer Protection at (727) 464-6200.