CHAPTER 9 Programs for Home Bu or Home Buyers
According to the Census Bureau, 65.6% of Americans own their homes. That still leaves a huge number of people who don't own their homes, often because they can’t afford the closing costs, or they don’t meet the down payment requirements of commercial loans. The U.S. Department of Housing and Urban Development (HUD) provides billions of dollars every year in housing grants, turning home ownership dreams into reality. If you’re buying a home for the first time, you can file for a buyer’s grant. National, state, and local programs and grants are available to first-time home buyers. These programs and subsidies can help cover portions of acquisition costs, including the down payment, and allow buyers to get a higher percentage of loans to finance.
GRANTS FOR FIRST-TIME HOME BUYERS
Grants can be just as important as loans when buying your first house. First-time grants for home buyers can be a significant source of funding, and unlike a loan or a debt, a grant won’t have to be repaid. Often, these programs are aligned in areas where the government wants to capitalize on the revitalization of a community. This makes “urban homesteading” a viable and less expensive option for the first-time buyer. These grants are a boon for both home buyers and the community. In North Carolina, the NC Housing Finance Agency administers most of the downpayment assistance programs. Most grants help potential buyers to connect with sources for down payments or closing costs. There are also programs that 70
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