Granted, given the instability of the international political scene and the economic crises, very few people can nowadays afford to invest in a home.
The good news for individuals and couples in this situation is that they can get their dream house and start building their lives if they learn more about the government grants for the first time home buyers. As the name suggests, these grants are typically awarded to individuals that want to purchase their first home and the best part is that they will never have to return that cash!
The American Dream Down payment Act made things easier!
At the end of 2003, former president of the U.S., George Bush Jr. approved a new program that authorized approximately $200 million dollars for 2004 to help homeowners with closing costs and down payments. The Act is still valid and even though its name may lead some to the down payment assistance programs, they are two separate things.
Basically, the main distinction is that while the assistance program implies the funding comes from the home sellers, the act guarantees free cash directly from the government to those eligible. The eligibility for the grant implies that the application comes from an actual first time buyer, which has an average annual income of under 80% compared to the area median income. To learn more about this program, visit this link.
The Downpayment Assistance programs
There are hundreds of assistance programs – first time home buyers can find within a few seconds online. Among the highest rated ones, this guide would like to mention AmeriDream, the Gift America program, Homes for All program, Nehemiah and RealtyAmerica.org. Among these programs, it is worth noting that Nehemiah is the oldest.
Another program that stands out in the crowd is the Homes for All program, which has no geographical limitations and that can offer gift funds higher than 7%. People interested in learning more about the available downpayment assistance programs in their state can search for reliable websites such as the ones provided as examples in this guide, and this one, too.
You can find almost free houses at the HUD auctions!
People interested in attaining a grant for a first home or purchasing one at highly affordable prices, should start their search here, at the U.S. Department of Housing and Urban Development.
The reason why this guide advises you to start your search there is that the authorities post selections of thousands of affordable apartments and homes at bargain prices on a daily basis. At the same time, what more trustworthy or reliable source for the agencies that offer grants, than a department of the U.S. government?
It is worth mentioning that similar to small business grants, HUD does not offer cash directly to first time home buyers. The cash must come from the buyers’ own resources or via a loan. However, the department can help some of the first time buyers to qualify for a FHA-insured mortgage to finance their investment.
Purchasing a home through the HUD auction is quite simple – people place bids on the house and the highest bidder wins!