Government grants help renters get keys to a new house.
The government provides funds to help renters become first-time home buyers. The U.S. Department of Housing and Urban Development (HUD) distributes grants to states, which use the grants in different assistance programs. Different grant programs have differing qualification standards. The best way to find first-time home grant qualifications is to check with the grant you wish to apply for. Visit the HUD website (See Resources section) for a full list of grant opportunities by state.
First-Time Homebuyer Resources Down Payment Assistance Program
The First-Time Homebuyer Down Payment Assistance Program in Austin, Texas, is one example of HUD grants that are funneled out to first-time homeowners through local governments. The program offers up to $10,000 in forgivable, tax-free, no-interest loans. To qualify for this program, you have to be a U.S. citizen or permanent resident. In addition, your entire household income cannot be above 80% of the median household income for Austin, Texas. Last, a successful applicant must complete a Housing Smarts home buyer class. To apply, visit the Austin Housing Finance Corporation website in the References section.
California Housing Finance Agency
The California Housing Finance Agency (CalHFA) offers a number of zero-to-no-interest loans, tax breaks, and other financing options to first-time home buyers. In 2010, California passed a $10,000 housing tax credit for first-time home buyers. "First-time homebuyer" is defined in California as someone who has not owned his or her own home within the past 3 years. To be eligible, you also must purchase a home that is below the "sales price limit" that California has set for the size of your family and income. In addition, you must be a U.S. citizen or permanent resident. To apply, visit the Program Eligibility Requirements website in the Resources section.
Alabama Housing Finance Authority
The Alabama Housing Finance Authority offers the Step Up program, which helps first-time home buyers with the down payment for a house. To be eligible, you can earn up to $97,000. You have to be a U.S. citizen or permanent resident. You also have to take a first-time home buyers education class. The program is designed for those who can afford a mortgage but not a down payment. For that reason, the program offers its funding in the form of a second, low-interest mortgage. To apply, visit the Home Buyers page of the Alabama Housing Finance Authority website in the Resources section.
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