CHAPTER 11 Programs For Traditional aditional Home Buyers
According to the Census Bureau, 67% of Americans own their homes. That still leaves a huge number of people who cannot buy their own houses, 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 to housing grants, turning the home ownership dream 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 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. For more information about HUD check out their website at https://hudgov-answers.force.com/housingcounseling/s/. The United States Department of Agriculture (USDA) offers zero down payment and lower interest rate options to qualifying homes available in certain areas deemed “rural”. Surprisingly, many properties on the outskirts of a metro area will qualify for these loan programs. Additionally, many of these homes are outside city limits, which potentially means lower property taxes. There are certain requirements that the buyer must meet to qualify. Visit their website for more information at https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.
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