CHAPTER 9 Programs For Home Buyers
According to the United States Census Bureau statistics of 2019, 64% of Americans own their homes (Census.gov, 2019). That still leaves a huge number of people who cannot buy their own houses, often because they can not afford the closing costs, or they do not meet the down payment requirements of commercial loans. The U.S. Department of Housing and Urban Development (HUD) provides billions of dollars every year to housing grants, turning the home ownership dream into reality. If you are buying a home for the first time, you can file for a buyer’s grant. There are national, state, and local programs and grants 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 will not have to be repaid (stipulations apply). 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. Most grants help to connect with down payments or the costs of closing. There are also programs that provide funds for other purposes in the process of buying a house. Many of these 72
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