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Types of Loans
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Government Loans Insured or guaranteed mortgages are available from almost every level of government. The federal government offers loans through the Federal Housing Administration, the Veteran's Administration, and the Farmers' Home Administration. The state offers first-time homebuyer loans through the Missouri Housing Development Corporation. And the City of Columbia offers low downpayment, low interest loans for first-time buyers--and includes money for repairs in the loan.
There may be some disadvantages to these loans--closing costs may be higher than with conventional loans. Or there may be a payback provision--where any profit when you sell the home is shared with the agency. But they are a blessing for homebuyers with little or no downpayment, or those who don't qualify for conventional loans.
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