Federal grants for First-time homebuyers are specially offered to reduce part of the purchasing costs for first-time buyers. They basically take responsibility for part of your down payment, closing costs, or in some the overall cost price of the home. You don’t have to make any repayment as long as you are staying in your home for a particular period of time.
How First-Time Homebuyer Grants Work
A lot of first-time homebuyers are given based on federal funding, the United States government does not give out loans offer directly but the finds are transferred to individual states, counties, etc, and then they establish grant programs for people who reside in their jurisdictions.
List and Requirements for some First-time Homebuyer Grants
There are various First-time home b grants that you can apply for to purchase and live in your preferred home. Here are some of the grants with the requirements needed to be considered:
National Homebuyers Fund – Federal Grants for First-time Homebuyers
The National Homebuyers Fund (NHF) is a grant that pays part or all your down payment or closing costs, taking responsibility for close to 5% of the total loan amount. Here are the requirements of the NHF grants:
- A participating lender must be used to qualify.
- You have to able to use it with any loan type.
- You must be living in the home for a minimum of three years.
Good Neighbor Next Door – Federal Grants for First-time Homebuyers
The Good Neighbor Next Door Sales Program takes responsibility for 50% of a home’s list price and only public servants such as law enforcement officers, firefighters, emergency medical technicians, and teachers are eligible to forward their application for this grant. Before you can be considered for this grant, there are certain requirements which are listed below:
- You have to live in the home for a minimum of three years.
- You have to sign a second mortgage for the discount amount given. Kindly note that you won’t be making any payments except you do not meet up the three-year occupancy requirement.
It is necessary for you to note that the ownership decisions are decided by a random lottery if two or more people submit an offer on just a property.
HomePath Ready Buyer
HomePath is a grant program which is given by Fannie Mae. It makes provision of closing-cost assistance close to 3% of the loan amount. It is necessary to offer the online HomePath Ready Buyer Course to be able to participate in the HomePath ready buyer program. The course goes for $75 and the time duration is from four to six hours. Kindly note that the fee can be reimbursed when an eligible Home Ready property is purchased. The following requirements are needed to be given this grant:
- You are only allowed to purchase homes listed on HomePath.com.
- Your offer has to be submitted by a real estate agent alongside your course completion certificate, to the HomePath Online Offers system.
- You have to move into the home within 60 days of purchasing it.
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