Home Ownership Initiatives, Programs and Schemes in the USA

Owning a home in the United States is almost part and parcel with the renowned "American dream" that so many people work toward. The idea home ownership is so deeply ingrained in our society that there are a large number of programs and initiatives that are aimed squarely at providing people with the option to own a home instead of simply renting. While there are standards in place to ensure these programs are serving the appropriate people, they are still easier to get than some may believe. In truth, many people throughout the United States can thank a government program or initiative for their first home.

Why Do These Schemes Exist?

The are a number of reasons schemes like these exist. There are a number of economic variables that go into why the government wants to make home ownership more viable for more people. However, there are many simple answers that contribute to this as well. Different programs will provide different benefits for different parts of the home-buying process. However, there are some fundamental reasons for why these programs were put into place to begin with.

The first thing that you need to consider is the fact that most people don't actually own any assets throughout their life. By definition, an asset is something that a person owns which provides them with a growing overall value throughout its life. For example, a car would not be considered an asset because it depreciates in value the longer you have it. For most people, their home is the only asset that they own and potentially the only asset that they'll ever own. This is a very simple but very important point to keep in mind when trying to understand why these programs exist.

If people living in a neighborhood own the homes that they live in, then they own an asset that provides them with a growing level of value as time goes on. This creates a tie to the neighborhood that moves beyond their own front door. In turn, this can lead to greater civic engagement, a higher standard of living and a more successful overall neighborhood. In truth, investing in a home is the same as investing in a community. The tax revenues and civic engagement that this produces are things that the government is very ambitious to promote.

Some Common Programs

When learning about these programs, it's smart to do so in a deliberate way by looking at the specific types of programs out there. There are programs that have been produced on the national level and there are programs that are produced at a more localized level. Some of the programs developed nationally will only relate to a small portion of the population while localized programs may be more widely applicable in your area. It's smart to visit the HUD website when you can if you want to learn more about these programs. You can visit the website at www.HUD.gov to learn more about specifics.

National Programs

The Minority Homeownership Initiative is designed to help provide relief to under-served minority populations around the country. Through its influence with government-sponsored lending organizations, HUD works on a national level to promote fair lending to people in low-income populations.

HUD also works to provide equal housing opportunity assistance and continuing home ownership education. These programs are designed to provide homeowners with the right information so they can make intelligent home decisions. Without programs like this, homeowners would often be in the dark on certain subjects involving the very house they own.

Localized Programs

These state and county programs are very diverse and will be very different from one state to another. For example, the Oregon Homeowner Stabilization Initiative is a state-based initiative that works toward helping in foreclosure assistance, mortgage recovery and even loan refinancing assistance. This is one of the more comprehensive programs that can be found in the country. On the other hand, you have states like Florida that have done work to enhance lending potential but essentially nothing to protect against predatory lending. This goes to highlight the fact that some states are more aggressive with providing home buying assistance than others.

Owning a home in the United States of America is a big step forward and it is often seen as a rite of passage. It is also something that state and federal officials are working very hard to promote wherever they can. Thanks to a number of important new programs geared toward helping homeowners get a leg up on their finances, home ownership throughout the country has seen a steady rise. As mortgage delinquencies continue to fall around the country, it's possible that a more even-handed growth in the housing market is on the horizon.