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Numerous organizations offer mortgages, including commercial banks, savings banks, savings and loans organizations, and mortgage bankers (for a listing, visit the Mortgage Bankers Association of America Web site  ).

You can also get a mortgage at the following organizations, says Beth Kobliner in "Get a Financial Life" (Fireside book, Simon & Schuster):

1. Your state or local housing agency (National Council of State Housing Agencies  ). They offer low down payments and low interest rates for first-time buyers. But you can't earn more than the state's medium income and the home costs less than the average purchase price.
2. Fannie Mae, the Federal National Mortgage Association (www.fanniemae.com)  , Freddie Mac, the Federal Home Loan Mortgage Corporation loans (www.freddiemac.com  ), and Ginnie Mae, the Government National Mortgage Association (www.ginniemae.gov  ) are private companies owned by the federal government to help organizations offer loans to first-time buyers. These loans are called different names by different institutions. Generally, you need a good credit record to qualify.
3. Federal Housing Administration (www.hud.gov  ) offers loans that are insured by the federal government and offered by banks. FHA is a government-owned corporation, established under the National Housing Act of 1934. FHA was consolidated into the newly established Department of Housing and Urban Development (HUD) in 1965.
4. Department of Veteran Affairs (VA) offers loans (www.valoans.com  ). If you've served in the armed forces, you may qualify for a loan by a lender, partially guaranteed by the VA. Typically, there is now down payment, but there are limits on loans. For eligibility requirements, see their Web site.

Helpful Hint... Life Insurance Loan
Depending on the size of your down payment, you may borrow from your cash value accumulation in your permanent life insurance policy. (Note: The loan against your policy accure interest and decrease the death benefit and cash value by the amount of the outstanding loan of interest.) Ask your agent for details.

This material is for informational purposes only. Neither New York Life nor its agents provide tax, legal, or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.

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