Apply Free Federal Grants For First Time Home Buyers-Free Home Grants
“Home is where the heart is” goes the proverb. Purchasing your dream home can be both an enjoyable and stressful experience for the first-time buyers in this mysterious world of real estate. Owing the keys of your home incurs a big financial commitment and also careful planning at every step.
The US government has provisions for varied types of grants for all low or mid-income people desirous of possessing a home. Residents of all the 50 states can avail over 1000 forms of grant programs each year according to their requirements and financial status through the federal agencies. For better coordination and synchronization of work, office of the community affairs and housing department is set up in each state for the allocation of funds distributed by the federal government.
Federal government does not directly offer funds to individuals or families but through states and city agencies to help offer at least a minimal amount of the expenses of purchasing a home. These funds usually cover 10% of the value of the house. So, if you fall in the low-income bracket and planning for a first-time home purchase then look for the grant programs and apply today.
American Dream Down payment Initiative (ADDI)
On December 16, 2003, under the aegis of President George W Bush, the American Dream Down payment Initiative (ADDI) was signed into law. The program is meant to financially assist approximately 40,000 families every year which incorporate down payments, rehabilitation assistance and closing costs for the qualifying families. Individuals need to qualify for the ADDI program for which their earnings must not exceed 80% of the area median income.
According to the program, the sum of the grant is set up to $10,000 or 6% of the total purchasing amount for the house, whichever is more. The Department of Housing and Urban Development (HUD) takes the initiative for the funding of the amount to all the fifty states for the possession of one-to-four-family housing, cooperative unit, condominium unit and also manufactured housing.
HOME Investment Partnerships Program
HOME, formed by HUD, is a federal assistance program that facilitates low and below mark income earners in purchasing of affordable housing. Referred to as the largest Federal block grant to States and local governments, this program offers as much as US$2 billion every year to the deserving families residing in all the 50 states and also in localities.
203(b) Mortgage Insurance
Individuals who finally qualify for home ownership grants can obtain a mortgage insurance program from HUD through any private institute like banks, loan or savings association or mortgage company having the legal rights to lend to people. The HUD will insure the mortgage under this grant. However, there are certain eligibility grounds for this program that you need to pass:
- The borrower has been to fulfil the FHA credit qualifications
- Every borrower is entitled to 96.5% financing and the upfront mortgage insurance premiums can be included in the mortgage
- An annual insurance premium needs to pay by the borrowers
- The properties entitled to this plan will be one-to-four unit structures
For the mortgage insurance program immediately contact your lenders approved by FHA
Federal Housing Administration (FHA)
Since 1934 the FHA, which is a division of HUD, have been facilitating families to own a house through insuring the loans. This enables you to attain a better agreement from your lender. With FHA lending a helping hand, you can be rest assured of:
- Low down payments which can go down to 3.5% of the actual cost of purchase
- Easy credit to qualify for loans or grants
- Fewer costs for closing
FHA has more to offer! For all citizens above 62 years of age having less loan balance, who reside in a house and also have its absolute ownership, the FHA Reverse Mortgage assists you in the conversion of a fraction of equity into cash.
As an enthusiastic buyer, you first need to enroll in counselling classes approved by Department of Housing and Urban Development (HUD) that offer budgeting plans, assistance in availing finances and qualifying for a mortgage. Get the best help from the counselors, plan your expenditure and avail the most suitable grants for your dream home today.
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