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Thursday, 25 August 2016

First Time Home Purchasing Grants-Home Buyer Programs 2016

Purchasing a home can be a big financial burden, especially for those with monetary constraints. Those who need first time home purchasing grants may seek assistance from the federal government programs. These help to compensate a portion of the home purchasing expenses and also offer loans and subsidy programs.
First Time Home Purchasing Grants is available from Community Development Block Grants (CDBG), Emergency Shelter Grants (ESG), American Dream Downpayment Initiative (ADDI), Housing Opportunities for Persons with AIDS (HOPWA), etc. The first time home purchasing grant programs require people to attend house counseling class approved by HUD. Apply now for the grant programs.

First Time Home Purchasing Grants

Who Can Qualify for the First Time Home Owners Grant?
People who haven’t yet bought a home can definitely qualify for the first-time home buyer grant. However, there are programs that also consider applicants to be first time home buyers who have not purchased or owned a home in last three years which also includes portable or mobile homes.
The first time home buyer grants can be availed for varied reasons like:
For closing costs
For purchasing of existing homes
To purchase newly constructed homes
To renovate or repair homes
For debt consolidation that helps disadvantaged families overcome their financial crisis and prevent evictions and/or homelessness
For down payment or to compensate a percentage of the home purchasing price
Even homeownership loans given to first-time homebuyers have lower rates of interest and are lower than the traditional loans. All the grants given for home purchasing help buyers purchase townhomes, homes, and condos situated in rural areas, cities or suburbs.

Department of Housing and Urban Development
HUD is a federal assistance program that seeks to offer affordable housing grants and rental assistance to people for a shelter. For first time home buying, HUD offers professional counseling, budget planning assistance, help with the application process and the details of the grants that can be availed for quality rental homes. The funds for the home purchase are available from state funding.
Section 8 Housing Choice Voucher Program
Apply for the Section 8 Housing Choice Voucher Program if you are looking for a secured shelter for a quality living standard. The Housing Authority pays off a portion of the housing rent and the rest is paid by the applicant. You must contact the local Public Housing Agency for assistance.
HOME Investment Partnerships Program
HOME offers affordable housing through the state and local governments. Considered to be the largest Federal block grant, the program disburses approximately $2 billion for rental assistance. To qualify applicants must not have more than 60% of the HUD stated median family income that differs according to locations. Almost all the 50 states offer the HOME program.
Visit the HUD website for more information on home purchasing. Start applying now for the First Time Home Purchasing Grants to get a safe and secure shelter to live happily with your family.

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