CHAPTER 4
Programs For Homebuyers According to the Census Bureau, 67% of Americans own their homes. That still leaves a huge number of people who cannot buy their own house, often because they can’t afford the closing costs, or they can’t meet the down payment requirements.
GRANTS FOR FIRST-TIME HOMEBUYERS
The U.S. Department of Housing and Urban Development (HUD) provides billions of dollars every year to housing grants, turning the dream of homeownership into reality. If you’re 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 homebuyers. These programs and subsidies can help cover portions of acquisition costs, including the down payment. Grants can be just as important as loans when buying your first house. First-time grants for homebuyers 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 homebuyers and the community. Given the lower requirements for down payment, Federal Housing Administration (FHA) loans are a natural, if not a perfect fit for the many down payment assistance programs
30
Powered by FlippingBook