If you or someone you know is trying to become a first-time homeowner, and you don’t have a high salary or a lot of savings, there is financial assistance available if you lack a large down-payment or enough money for closing costs.
Over the past decade there has been a surge in first-time homebuyer initiatives designed to give people a helping hand in overcoming the down payment dilemma. In fact, in every state in America there are a broad range of first-time homebuyer assistance programs, including:
* Free grants and cash gifts for down payments – with funds ranging from $500 to as much as $40,000
* Money for closing costs, prepaid escrows and other mortgage expenses
* Grants or loans to fix up homes in need of repair
* 100% financing programs, so that you pay zero down on a home
* Home loans that feature 0% interest, low interest rates or below-market interest rates
* Mortgages with loan forgiveness benefits or no payments for a set period of time
* Federal and state housing tax credits
* Homebuyer workshops to teach you about the rights and responsibilities of being a homeowner
* Mortgage education classes that explain the mortgage process
* Budgeting, credit counseling, money-management and overall financial planning services
First-Time Homebuyer Programs In Every State
No matter where you reside or where you’re looking to settle down, if you’re a first-time homebuyer, there’s a program that can help you purchase a house. And virtually every type of residence is eligible under these programs, including single-family homes, condominiums, townhouses, modular homes, and manufactured housing. Many assistance programs have income limitations, particularly those that provide city, state or federal funding. But other programs have no income criteria. Also, certain housing assistance plans impose caps on the purchase price of the property you can buy. Despite these restrictions, you’ll find that taking advantage of a first-time homebuyers’ program is one of the smartest things you can do. It will allow you to get into a home sooner, save money in the process, and simultaneously build wealth. Continue reading ‘Where to Find Grants and Free Money For First Time Homebuyers’ »