Everyone at some point hopes to attain the American Dream of homeownership. As you are on the journey to becoming a homeowner, there are grants available that can defray some out-of-pocket expenses and make the process of becoming a homeowner easier as well as enjoyable. Take the time to find out qualify for aid; applying could get you that much closer to receiving a grant as a homeowner.
Facts
Grants for homeowners do not have to be paid back. The government has and offers programs for first-time homeowners and also low-income individuals or families who want to own their own home. There are grants for home improvements through the U.S. Department of Housing and Development for very rural low-income families who own homes in need of repair, the Home Repair Loan and Grant Program offers loans and grants for renovation. The Home Repair Program also provides funds to make a home accessible to someone with disabilities. Grants are only available to homeowners who are 62 years old or older and cannot repay a Section 504 loan. There is a first time homebuyer grants program in each state. One of the stipulations of this program is that you cannot have owned a home in the previous three years. A requirement for government housing assistance is that your family income must meet the stipulated minimum. This varies according to the number of dependents you have as well as the median income for there area in which you intend to purchase.
Grantors
Those seeking a grant can go to the U.S. Department of Housing and Development website to locate a certified housing counselor in the area. The counseling service is normally through a local nonprofit organization. Many of the nonprofits that have a certified housing counselor normally have a monthly seminar or workshop that focuses on housing. Each state should also have a housing and finance authority division which has grants available for new homeowners and existing homeowners. To locate the housing and finance authority division in your state, go to the search engine and type in your state name and housing and finance authority division and the information should come up.
Qualifications
Each agency normally has a list of qualifications in order to apply for its grant. Do not be overwhelmed by the process. Some of the qualifications listed when applying for a grant could be that you should have an FHA-insured mortgage or be low-income. You could be required to be a volunteer. Ensure you have reviewed all the qualifications and are eligible prior to submitting an application for a grant designated for homeowners.
Application Process
All grants require you complete and submit an application before a set deadline. Before you get overwhelmed by this process, there different kits and guides that can aid you in completing the application in a more effective way. Grants can have different guides, so download what you need and give yourself the best chance of being awarded a grant for homeownership. Once you apply, there can be a period of time between when you apply and when it is awarded depending on how many grants the agency is giving out.
Benefits
There is no limit to the number of grants you can apply for. If you apply for the first one and do not get it, continuing trying because you have nothing to lose.
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