Government First Home Buyers Grant

Monday, February 15th, 2010 at 9:20 am

Government First Home Buyers Grant
Government First Home Buyers Grant

What You Should Know About Home Buyers Grants

Buying your first home can be tricky to wrap your mind around, not to mention financially challenging. Fortunately, there are a number of first time home buyers grants and other resources out there that will help you get the house of your dreams. Here's what you need to know about your options and the grants available. The right one could help you buy the house you've been waiting for.

There are grants available nearly everywhere, and all of them are a little bit different. Most of these grants require you to be a first time homeowner, and will help you cover the major non-mortgage costs associated with buying a house. What they don't do is help you get a mortgage, repair your credit, or buy you a house outright. You might be able to get this kind of grant if you owned a home a long time ago, but don't anymore.

All grants are a little different, but the majority of them require you to live in the home you're buying. You can't use this kind of grant to buy an investment property, for instance - you need to be using your new house as your primary residence. You'll usually need to stay there for a certain amount of time before selling, or pay back some or all of the money. That way, investors can't use government funds to boost their profit margins.

Not every form of home buyer assistance is a grant- there are also loans. Grants are usually money that doesn't need paid back, while loans may be at a favorable rate but have to be repaid at some point. Always make sure that you check over the contract for any home owners assistance you apply for to keep yourself from having problems in the future.

In order to be eligible for these types of loans, your income will need to be below a certain level, which varies by area, family size, and house. Many grants will be built for certain locations, and will require you to buy in just one neighborhood or area. These are incentives to keep less popular areas from becoming run down or abandoned.

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Does anyone know a website you can go to to find government grants for first time home buyers?

Does anyone know a website you can go to to find government grants for first time home buyers? Some kind of website where you don't have to buy a book or buy something to get the information to get the grant?

There is no such thing as first time home buyers grant.

The above answers advises you to go to the HUD. The Housing and Urban Development in their Grants Available page makes it clear that they do not provide grants to individuals -- hence no grants for a person to buy a home http://www.hud.gov/grants/index.cfm

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"While HUD does not offer direct grants or loans to individuals, we do work through local governments and non-profit organizations to make financial assistance and counseling available."
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You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.

Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.

Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

You may be able to get downpayment assistance from non profits such as Nehemiah Corp http://www.getdownpayment.com . Or check Habitat for Humanity

First Home Owners Grant - Everybody Knows