3 Ways First Time Homeowners Benefit From Government-Backed Mortgages | Think Realty | A Real Estate of Mind

Abstract

Government-backed mortgages are essentially loan accounts guaranteed and maintained by the federal government. The First-Time Homeowners Benefit Program is one of the financial aid programs backed by the government. Lenders look favorably upon this type of loan accommodation due to the certainty of its payback. Lenders give lower interest rates for government-backed loans. There’s no fear of unpaid loans in a federally-backed account. The assurance that the government will ensure repayment takes away the credit risk of loss.