1st Time Home Buyer Grants

Lowdown on First Time Home Buyers Grants

First Time Home BuyersThere are several types of grants being offered by the federal government of the United State. One of which is the grant for first time home buyers. These are available only to “first time” home buyers and to the families within the low to medium category. The assistance on down payment normally comes in a form of a gift or grant, which does not require for it to be paid back. However, if one plans to participate in this assistance then there are certain guidelines as well as eligibility requirements.

Importance of this Grant

The grant of first time home buyers, provides the families and individuals the opportunity of acquiring homeownership. It also aids the home buyers to obtain the necessary funds to produce the needed down payment in order for them to buy the property.

Benefits Offered

A particular federal bill that took effect during the month of October 2008, prevented the sellers to assist the home buyers with their down payment as well as the Federal Housing Administration loans’ closing costs. This bill is for the first time home buyers grant. Since assistance is not available it provides alternatives on buyers who are seeking funding on their down payment.

Various Types of the Grant

The different types of this particular grant are those that are created by organizations, which are working together with nonprofit agencies, those run by a nonprofit group, and the programs on down payment assistance. These certain programs generally include Grant America, Partners in Charity, Housing Action Resource Trust, Quickdown, Futures Home Assistance, newsong, Ameridream, and Nehemiah.

Essential Features of the Programs

The program by the Ameridream grant, gives up to 10 percent of the purchase price of the home. On the other hand, the program of the Future Home Assistance and Nehemiah gives up to six percent of the funds on down payment and of the closing costs. The Grant America program, which is offered by the Penobscot Indian Tribal Nation, gives up to $34,000 as an aid towards the assistance on down payment. This is being approved by the Department on Housing and Development.