Information About The 1st-Time Home Buyers’ Grant

Several years ago, my husband and I went looking for our first home. We didn't have a lot of money to put down, but when we found the house, I was determined to purchase it. I spoke to a friend of mine, asking for her input into where I could find financing sources, and she suggested going to Real-estate-yogi.com. This free consumer resource website was amazing! I learned all about the options available, including first home buyers grants. Let me share some of what we learned.

First time home buyers grants are monies that can be applied to the down payment for or closing costs of a first home. Real-estate-yogi.com points out that the grants do not need to be repaid, which is an enormous help to those with little money but excellent credit scores. The way they work differs from grant to grant, with a common thread being that you have to live in the house; you can’t purchase a rental property with the grant. Some of the grants may require that you live in the home for a certain number of years before you can sell it; if you choose to sell it before that time has elapsed, you’ll have to pay some fees and/or repay the grant.

To qualify for a first home buyer grant, you must not have owned a home before, although some grants do allow this if it was in the very distant past. Real-estate-yogi.com notes that you must also have a specific income. Believe it or not, this is one time that not having a lot of money actually helps you. Each income limit is based on the area in which the house is and how large a family is. Also, some grants are meant to encourage neighborhood development, so if you’re looking for a fancy house in an upscale area, you may not qualify for those grants.

Getting a first home buyers grant can sometimes be done through local resources. Real-estate-yogi.com recommends that you talk to a licensed realtor, as he may have listings of homes for sale in the area in which you’d like to live. You should definitely check out HUD’s website for state programs and grants that can help with the purchase of a first home. Sometimes you will have to fill out the application for the grant, but other times, it must be filled out by a lender for you, and you have to have a house selected first. 

I found Real-Estate-Yogi.com to be very user-friendly and informative, just as my friend had promised. If you have questions relating to financing for your first home, give the knowledgeable staff there a call at 1-800-987-1397 for a free initial consultation. You’ll be glad you did.