Grants for first time home buyers are available for those in need and are very useful if you need financial help for finally getting your own home. When you are about to buy a home for the first time a down-payment will be required. This can happen sometimes and these grants are exactly for that. The US Government provides free money just to get you going to finally make your dream come true. With the grants for first time home buyers you can move into your next home right away.
There are 2 grant types for this purpose. One part of the grants is provided by the Government and others are from the state agencies. It’s important for you to understand which grants are given by the Government and which ones are provided by some other agency. Either way, you will get help from a state agency while you’re getting and after you get the grant. The best source for getting government grants for first time home buyers is HUD. The Department of Housing and Urban Development is available 24/7 providing you with information about these types of grants.
You will get information about a program offered by the Federal Government called “Federal Tax Credit”. This program lowers the amount of money you need to pay for taxes. If what you owe is lower than $8.000 you’ll get back the rest of the money as a grant help that can help you with buying a home. Other type of program is the “Assistance Program”. If you are eligible for getting grants for first time home buyers you have to put a down payment. These grants will cover the cost of the payment and assist you through some other minor repairs. These grants are offered by many state agencies that collaborate with the Government.
ADDI or American Dream Downpayment Initiative offers grants for first time home buyers to purchase a home, assisting them through the whole downpayment process. People who have low-income can be eligible for getting this grant and of course, this must be their first time for buying a home.
Another program coming out from HUD is NSP (Neighborhood Stabilization Program). It provides the grants to government agencies that are purchasing abandoned houses and then offer them to low-income first time home buyers for lower price. These organizations can also provide financial help and assist people through the process of downpayment.
AHP or Affordable Housing Program provides low-income people with grants for buying their first home. People who are eligible for help will be awarded with grants through non-profit organizations that provide affordable housing. These housings are offered for low-income communities. This program goes under Federal Home Loan Banks that leaves 10% net income aside in order to finance these projects.
By visiting the grants.gov and selecting the Department of Housing and Urban Development you will find many grant opportunities that will let you buy your first home. Be advised to follow all the information and meet the application deadlines if you want to be fully eligible.