The government lends a helping hand to the people who do not have enough money to buy their own home by offering them free government housing grants. Now the people may be able to buy their own homes more easily and experience the pleasure of owning a home. For many, this opportunity is just like a dream come true as they have been living on rent for years and now they will have a home of their own that they can call their own. Perhaps, they would like to remodel their new purchase. The first time home buyer grant is designed for people who are unable to pay the closing costs and the down payments. The grant does not pay the full amount for the home but helps them start their journey to achieve the goal of owning a home.
The government does not grant the funds directly to the individuals but allots funds to agencies and municipalities. These agencies approve or disapprove the received applications by evaluating them on their merit. If you are considering getting a grant, it is good if you get in touch with the government agencies and learn about the government grants for first time home buyers to avoid getting jammed up with no recourse to follow.
Certain regulations have to be followed when you want to file grant applications. The applicant has to be 18 years or more and a citizen of the country. The person who is applying for the grant should have enough income to be able to make the payments for the rest of the amount. The first time home buyer grant is not to be paid back and is given for making the down payment and/or closing costs for the home. The grant is given only when the rest of the amount for home is in the form of a loan from a lender or a bank.
Important points to remember for finding home buyer grants
- Many people do not even know that a first time home buyer grant or loan is available for the first time home buyers. People who know this face a problem in finding important information needed to apply.
- The free government housing grants from the government do not have to be repaid. If you come across a grant that involves some kind of repayment, beware that it can be a scam.
- Different funds have different sets of qualifications. For some government grants for first time house buyers, the income-debt ratio is not considered.
- One has to follow the guidelines and terms and conditions of the grant or he will have to return it to the government. This is why it is important to know your responsibilities before you take a grant.
- State Housing Authority websites have been set up to help people who have been looking forward to buying their first home with the help of a grant.