Whether you are behind on your payments or you are looking to a buy a home, several agencies provide government mortgage help. Most of these agencies fall under the auspices of the U.S. Department of Housing and Urban Development (HUD).

HUD is the supervisory agency for FHA lending and federally underwritten mortgages. They have programs to assist everyone from struggling mortgagees to those who have no mortgage payment but want one.

HUD does not work directly with consumers. Instead, HUD administers programs and can provide you with a list of approved lenders to meet your mortgage needs. Obtaining government mortgage help may be more time-consuming because there is often additional paperwork and a more diligent verification process required, but the assistance can save a significant amount of money by providing lower interest rates, lower down payment requirements, and in some cases no mortgage payment for the first 45-60 days you have the loan.

Government mortgage help is available for those looking to buy a home for the first time as well as those who already own their home and need to refinance. FHA loans are government guaranteed loans that require a much lower down payment (usually 3%) than the down payment required with conventional loans, which can be as high as 20%.

As well, with government mortgage help, you often are allowed a higher debt-to-income ratio than allowed with conventional loan programs. In this case, even if you are carrying some debt, you can still qualify for a larger mortgage.

With government mortgage help, if you are falling behind on your payments, it may be possible to hold off foreclosure even if you have made no mortgage payment in several months. Often, the lender who owns your government-backed loan will be required to work with you to resolve your mortgage issues first.

To ensure you have access to the best possible government mortgage help, make sure you choose an approved lender, obtainable through the HUD website. As well, make sure your lender or broker is familiar with the different lending programs and can help you find the best government mortgage help tailored to your specific needs.

Biography: Monica McKinney is a Mortgage Loan Strategist, licensed and certified in Real Estate and Mortgage Loan Brokering. Monica is also an Award Winning Writer and has just authored an exciting new mortgage approval guide, “Mortgage Approved!: Your Easy All-In-One Home Loan Kit, The ONLY Mortgage Approval Guide You’ll EVER Need”. This great approval guide book is filled with insider secrets, mortgage loan help and mortgage loan tools. Get more mortgage information from Monica. Click: Get Informed…Get A Mortgage