CHAPTER 14 Home Buyer Programs
Even though about two-thirds of Americans own their own home, that still leaves a sign ifi cant chunk of people who don’t, won’t, or can’t. Yes, some people are renting on purpose, in the interim; some people are looking to buy but aren’t having success in fin ding the right home for the right price; some people are downsizing; and some people choose to rent over owning. But many people want to live in homes but can’t due to a ff ordability and other fin ancial issues, such as saving up for a down payment, not qualifying for a mortgage loan, or inability to a ff ord other fees such as closing costs, homeowner’s insurance, maintenance, or even monthly mortgage payments. In fact, “money issues o ft en stand in the way of homeownership,” writes Rachel Hartman of Bankrate.com. “A survey by rental service Apartment List found that 80% of millennial renters want to buy a home, but most say they can’t a ff ord to.” Th e good news is that there are home buyer programs available to help you out, particularly for fir st-time home buyers, but also for others who are hoping to sell their current home and buy another, whether they’re upgrading or relocating (or both!). Th e U.S. Department of Housing and Urban Development (HUD) provides billions of dollars through the Federal Housing Administration (FHA) every year to housing grants, turning the homeownership dream into reality. If you’re buying a home for the fir st time, you can fi le for a buyer’s grant. Th ere are national,
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