Complete Guide To First Time Home Owners Grants

Posted by grantvine on April 9th, 2014

Buying a home for the first time is an exhilarating experience, as it is your first step towards your dream home. There are many people whose dream of buying their own home remains a dream because of lack of money and resources. But, fortunately many grants for first time home buyers are available to help pay for a new home. If you are planning to buy your first home, here’s a complete guide to help you get grants for your dream home.

What are first time home buyer grants?

First- time home buyer grants are an important source of funding. Unlike a loan or mortgage, a grant does not have to be repaid. Important requirements for getting first time buyer’s grants

First time home owner’s grants are available for everyone buying a home for the first time. However, there are certain important things to keep in mind:

1. 1.      Most grants will require you to live in the home you are buying. This means you cannot use first time homebuyer grants to buy rental property. 
2. 2.      Many first time homebuyer grants will require you to live in the home for a certain amount of time before you can sell the home. If you sell the house before the predetermined time you will have to pay back some amount.

Who is eligible?

To be eligible for the first time home buyer grants, you will have to fulfill the following criteria:

• You must be at least 18 years of age.
• You must be a first time home buyer. There are certain grants that allow for people who have owned a home to qualify as long as the home ownership occurred in the distant past.
• You household must be under a specified income level.

Where to find out about first time home buyers grants

When it comes to getting the right grants according to your needs, correct information is the key. A few reliable ways to get this information include:

• Whether you are looking for grants through the federal government or grants through your state or local area, visit GrantVine’s website. 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, to fulfill your dream of homeownership.
• You can contact your local government for grants through the state. The Department of Housing and Urban Development (HUD) provides a list of home-buying programs by state. 

Applying for first time home owner’s grants is the first step you take towards building your dream home. So, explore various grant options available at http://www.grantvine.net/ and see your dreams come true. GrantVine has compiled a list of home buyer grants and other types of grants such as home repair grants into their easy to use grant search engine to help individuals find the assistance they need.