First Time Home Buyer Grants:Commonly Asked Questions

Posted by grantvine on June 13th, 2014

Buying a home can be an overwhelming experience; especially if it happens to be your first one. Anxiety and excitement mixed with an extra heavy dash of confusion is enough to make even the most cool-headed buyers anxious. If you are a first time home buyer and worried about money; here’s some valuable information that will reduce your worries for sure.

Is there any assistance available to the first time home buyers?

Federal Grants offers a ray of hope to many first time home buyers. Unlike a loan or mortgage, grants for first time home buyers do not have to be repaid. These programs vary depending on where you live and each may have varying eligibility guidelines; however, all such programs are designed to give financial assistance to qualified borrowers.

Where to find grants for first time home buyers?

The Department of Housing and Urban Development (HUD) does not give grants directly to individuals, however, they do give money to other organizations, and some of that money is targeted to first-time home buyers. A great resource to look for assistance when buying your first home is the HUD website.

If you want to have the most accurate information about various local and federal grants available to the first time home buyers, then all you need to do is simply log in to: http://www.grantvine.net/. GrantVine’s team of researchers has compiled 1000’s of programs available from every state, as well as nationally, into one easy to use grant database. Wherever you are looking, there are programs available to assist you with your homeownership dreams.

Who is eligible?

First time home buyer programs are targeted towards individuals who have not owned a home in the past three years. Some first time home buyer programs reserve benefits for people with low/moderate incomes and little assets.

There are also special benefits available to the first time home buyers who are-disabled, U.S. military veterans, law enforcement, officer, teacher, fire-fighter/emergency technician etc. So, visit GrantVine’s grant search engine to explore the various grant options available to first time home buyers.

Can I use this grant to buy a joint property?

If you're buying a property with someone else you can still get the First Home Owners Grant provided all the co-purchasers are eligible to receive it.

How to apply for a first time home buyer grant?

•Find a home buyer grant program by visiting-http://www.grantvine.net/ or by contacting your local government for details on home-buying programs.The Department of Housing and Urban Development (HUD) provides a list of home-buying programs by state.

•Find an approved lender. Local home-buying programs use approved lenders to offer loan grants.

•Fill in the application forms. You will need to answer questions on your income, employment history, debts and other personal and financial information.

Owning a house for the first time is a big achievement. So, get started by logging in to GrantVine’s informative grant search engine to realize your dream of home ownership!

To know more, visit- http://www.grantvine.net/