If you need financial assistance to purchase a home, you may be able to find a grant to supply some money toward the down payment or other purchase expenses. There are also grants that subsidize home ownership by paying a certain amount of the purchase price of a house so the new buyer, in effect, receives a discounted price. Other grants are available for renovation costs.
Grants are constantly changing, depending on the needs of the time. They can be difficult to get and require an extensive application that is similar to a business loan application. You can easily research housing grants online yourself and there are numerous services that will help to match you with appropriate grants.
Instructions
Housing Grant Application
1. Research different sources for housing grants. Most housing grants are administered by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture Rural Development Agency (USDA) and their websites have full information on such grants. Another good source of government sponsored housing grants may be found at grants.gov. Some HUD and USDA grants are available for direct application by individuals but most of them are distributed by regional and local non-profit organizations and municipalities. Your local and state housing authority will be able to direct you to both public and private sources of grant money for the purchase of housing. Many grant applications are online and may be accessed through the HUD, USDA or grants.gov websites. Never stop checking for new grant opportunities because new programs are constantly being created as older programs expire.
2. Organize your financial history so you can demonstrate your need for financial assistance and your ability to support the cost of maintaining a home if you do receive a grant. Go through your bank statements and develop a yearly report of all your income and all your expenses, including rent, utilities and property maintenance expenses you have covered. This information could be presented in a standard profit and loss or income statement format, which are common formats in your accounting or office suite software. Otherwise, check online for an appropriate spreadsheet template.
3. Research your probable costs to purchase a home and maintain it. You should be very knowledgeable about the price ranges of housing in your target area, as well as the down payment requirements and cost of construction or renovation services. All these will figure in the cost of buying a home.
4. Research the goals of each grant. Since grants are awarded to those who best match the needs the individual grant seeks to fill, you should know exactly what those need goals are before you fill out your application because you will want to tailor your arguments to fit those goals. You will find grants for first time home buyers, disabled, elderly, women, minority home buyers, or specific regions where redevelopment projects are presenting attractive financial assistance to people who qualify.
5. Write an explanation of why you would be a good recipient for a housing grant award. Write a simple, thorough narrative detailing why you need housing and why you need financial assistance to purchase housing. If the grant goal is to assist victims of a recent natural disaster, disabled veterans or families with children, and you qualify, then include that information in your explanation.
6. Write an explanation of how you intend to spend the money. Indicate the range of housing costs in your target region and the amount of money you will need for the down payment, loan points, repairs, and any other expenses you can foresee. The more complete and realistic your estimate, the more impressive it will appear.
Tags: financial assistance, housing grants, down payment, need financial, need financial assistance, assistance purchase, financial assistance purchase
