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The Benefits of Home Grants

April 03, 2008  |  Difficulty: Easy

Cosy home
Saving for the down payment on a new home can be a daunting task. But there are grants available for buyers who are buying their very first home.

Most people think of grants in view of education or business. But a first time homebuyer may be eligible for grants for a down payment. Many don’t know where to get a grant, or know how helpful a grant will be to get a mortgage loan.

HUD describes a first time homebuyer as a person who has not owned interest in a home during the last 3 years. Even if you owned a home in the past, if you have not participated within the housing market during the past three years, you could still qualify for a grant. And here is the best information yet- if you have bad credit, it doesn’t completely stop you from getting qualified for grant assistance!

The grants you should look for are grants that you can get from a charity, or grants that you can get from a government organization. You should start by researching what your state offers in government grants. But there are certain types of grants that are given by a city or municipal area. Taking the time to do thorough research will help you to find the right organization where you can apply for a grant.

The amount of the grant can differ depending on your yearly income (this includes the combined income of you and your spouse, if you are married) and how many dependents you have. Those who are making a middle class income of 43,000 with about 4 dependents could get a grant that is around $2,500. The regulations in your region may be different, and only individuals with certain levels of yearly income may be able to apply. Check your states regulations to see if your yearly income will allow you to be eligible for grant assistance.

So what are the benefits of home grants? Well, it is free money! Grant money is given to you without interest and you do not have to pay it back. Plus, the more money that you place down up-front, the less interest you will have to pay. Over time this can save you up to thousands of dollars.

Who qualifies for a grant? Most states base the qualifications on income level. Research will allow you to see what qualifications are set in place within your state. You also must be able to be approved for a mortgage loan, and as stated before, you qualify if you have not owned a house within the last 3 years. If you meet these standards, it is very likely that you will be approved for grant assistance. 

Do you think you will need help, even after receiving government grant assistance? Don’t forget that you can apply for grants from private charity organizations. The amount of the grant may not be as generous as a government grant, but it may be worth your time to save as much money as possible.

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