Grants for Home Purchase
With home prices in some areas of the country at an all time low right now, it may make sense to look into purchasing a homestead residence or even a vacation home. Various programs are in place that might even help you own that dream home. Some government grants to purchase a home will assist with the down payment. Other home purchase grants will cover more than that. Some grants for home purchase are actually low-interest or even 0% interest loans. If you are thinking about buying a home, or just repairing the one you own, it would be wise to do a little research on what may be available in your area.
Some websites and organizations deal with helping homebuyers and homeowners. Their sites include databases of programs, information about programs such as HUD and FHA, and educational tools such as mortgage and down payment calculators. One such site is Homebuyer Funds, whose website is http://www.homebuyerfunds.com/.
Every state has its own programs in place to assist homeowners, so to cover all these in a short article would not be feasible. One place to glean quite a bit of information would be a real estate office. Since real estate agents only make money when a house changes hands, it is in their best interest to know what programs will put buyers into homes. Be sure to mention to the realtor if you fall into any specific group that may have specialized assistance, for example:
First Time Homebuyer - Many states have programs that make purchasing a home more affordable for low-to-moderate income families purchasing their first home by offering fixed, low-interest rate mortgage loans. In addition, some may offer down payment and closing costs assistance to eligible borrowers, thus reducing the amount the buyer needs at closing.
Minority Homebuyer – Several foundations and organizations, in an effort to assist underprivileged minorities, provide assistance to Hispanics, African Americans, Native Americans, and Women.
Veteran Homebuyer – Besides VA programs, there may be other organizations in your area that will assist with certain costs if you are a Veteran.
Disabled Homebuyer – Programs are available to assist with making modifications to a home to make it wheelchair accessible and to provide other improvements that will aid the disabled.
In recent years there has been an up cropping of predatory loan practices that while they put people in homes quickly and easily, many are now losing those homes due to spikes in the variable interest rate they agreed to or other reasons. It can’t be said strongly enough that it is important not to fall for scams. Read the small print and know that if it sounds too good to be true, you should walk away.