With the new mortgage reforms in horizon, many individuals will not be able to obtain a home. In addition to stricter credit guidelines, a larger down payment will be required as well. There are a few other options available which you may not have heard of before. Let's discuss them below. GMAC's Mortgage Calculator is simple and easy to use.

The USDA has a mortgage program available for folks who live in certain rural areas. However, there are income limits in place. In addition, you won't qualify if you live in a big city. For much more information you can visit the USDA website. GMAC offers Home Loans at low rates.

Have a life insurance policy? If you do you could get a Life Insurance Loan. The way that works is that you borrow against the cash value of the policy; the policy is used as collateral. No credit check is required for this type of loan.

Another program to consider called Lease To Own. It allows you rent a house for a set amount of time. Part of the monthly payment is put into an Escrow account for safe keeping. Towards the end of the lease you have the option of buying the house and applying the money in escrow towards the payment.

Why not help out the environment and get a home at the same time? Check out the Energy Efficient FHA program. The amount of house you can qualify for is determined by how much you can cut back on energy costs; the more you cut back the more house you get!

A concise report is generated which lets you know how much you can qualify for based on how efficient your home is. You agree to make improvements and money to pay for the improvements will be put into an escrow account. Basically you are agreeing to have efficient appliances installed in your home and save money as a result of it too.

As you can see, you don't need to necessarily apply for a traditional mortgage. Alternatives do exist. Make sure that the one you pick is right for you.

GMAC offers mortgage refinance information.