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The mortgage market is changing and to the point where consumers are now paying hundreds of dollars more per month for mortgage interest payments. If you are a new homeowner, perhaps the higher interest rates are keeping you from purchasing a home. However, did you know that there are ways you can save money on mortgage payments? Let's take a look at several options available to the homeowner to counter rising mortgage rates.

HUD - The Housing and Urban Development Department of the federal government offers low interest rate loans to some home buyers in neighborhoods which are typically challenged. This means you may end up buying a home with no money down with the backing of the federal government. This is a great opportunity for the person who wants to help remove the blight from a neighborhood by fixing up their home.

FHA - The Federal Housing Administration or FHA loans have helped hundreds of thousands of homeowners make home buying a reality. Low interest rate loans backed by the FHA are geared toward helping marginal and low income folks get into the housing market.

VA - The Veterans Administration has assisted retired and current military families with their quest to buy property. Rates are always low and VA loans are accepted all across the country. The VA program is open to members of all the branches of the US military.

State Programs - Local programs available through the country and/or state can sometimes turn home buying dreams into a reality. Low interest rate mortgages with little or no money down can spell the difference for people who live on a low to moderate income. Check with your local realtor to learn what programs may be available in your area.

Of course, private entities including Habitat for Humanity, mega churches, and community and civic associations sometimes will help you buy or build homes. While most will not hold the mortgage for you, many will have some part in the home buying process including financial counseling, building, or tax help.

How about you? Are you interested in buying a single family home? If so, you can save money on your next mortgage by checking out the programs that are available in your area. Consult a real estate professional for a list of programs that may be right for you. Don't let a lack of funds or old or false information keep you from getting a mortgage.