FIND and APPLY for Federal Grants. The U.S. Department of Health and Human Services is proud to be the managing partner for, an initiative that is having an unparalleled impact on the grant community.

Property Home Grants and Loans

The process of improving a real estate usually tends to be very expensive. Though this process is expensive, sometimes it is extremely essential for maintenance. First time home buying grants and home improvement grants and loans are financial aids extended to people to buy a new house for them or to renovate their personal real estate, like their homes, farms,and beach houses...

Government Grants for First-time Home Buyers

A home is not just an investment but a personal joy and a stronghold that brings a sense of security to you and your family. Buying a home remains a dream for many, who fail to gather enough finances for the same. In these times of economic uncertainty, it has become even more imperative that one saves as much as possible in the purchase process.

Taking out a mortgage for the purchase of your first home can be a daunting challenge due to the high down payment involved and also the taxing interest rates. This is one problem where a government grant can help you out. There are various types of government grants for home buyers. This includes the American Dream Down payment Initiative, which was introduced in 2003. Apart from the grant programs of the U.S. Department of Housing and Urban Development (HUD), you may also apply for programs initiated by the states, local authorities and organizations to help home buyers in their territory.

Quick Facts About Government Grants

There are various types of grants which can help people looking to purchase their new home. Though most programs have been developed by HUD, the department does not allot these grants directly.The following are some basic facts about government grants for first time home buyers.

1. To begin with, one has to know that these grants are not loans, but government assistance for the development of the community in general.

2. No such grant program will provide you with 100% finance assistance for buying a house. In other words, none of these programs will offer you 100% cost of the house. In fact, most of these first time home buyer grants cover only less than 10% of the cost of the house.

3. Another important point to note is that these grants will only be available to those buyers who are eligible for a mortgage.

4. It is mandatory to attend the HUD-approved housing counseling class, so as to qualify for grants offered by these programs.

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Wednesday, 1 August 2012

Apply Free Grants For First-Time Home Buyers in Texas-Free Home Grants

Apply Free Grants For First-Time Home Buyers in Texas-Free Home Grants

If you've never bought a home before and you live in or are thinking of moving to Texas, there are programs designed to help with your financing. The state of Texas gives grants to first-time home buyers for things such as closing costs and down payments. Some grants, as of 2009, are awarded or allotted in amounts of more than $1,000.
Down Payment Assistance
The Texas Department of Housing and Community Affairs has created a program to assist first-time home buyers with down payments as a result of funding from the 2009 American Recovery & Reinvestment Act. The grant is in the form of Bond Program 74 that is really a 10-year deferred forgivable second mortgage lien for the purpose of making a down payment and for assistance with closing costs. The lien does not require payments, but it is prorated out over the 10-year period. If the home is sold, refinanced, or no longer used as a primary occupied residence for any reason, the amount of the grant assistance that has not been forgiven will have to be repaid.
Mortgage Advantage Program
The Mortgage Advantage Program is administered on a first-come, first-serve basis to participating mortgage lenders. Money is available as of the last quarter of 2009 for use of low-interest funds in coordination with the 2009 Texas Mortgage Credit Program and the Texas First-Time Home buyer Program (Bond 70).
Mortgage Credit Program
The Texas Department of Housing and Community Affairs makes home ownership possible through the Mortgage Credit Program (MCP) for Texas residents who want to buy a new or resale home. First-time home buyers are encouraged to apply for the credit through a Participating Lender that is shown on their website.
Texas First-Time Home Buyer Bond
Besides down payment assistance and mortgage tax credits, the state of Texas offers assistance in the form of below-market interest rates on loans. Over the long term, it is like "free money" in the bank because these borrowers do not pay the higher market interest rates on FHA (Federal Housing Administration)-backed or traditional loans.
About HUD Assistance
The Department of Housing and Urban Development (HUD) does not offer direct grants or loans to individuals. HUD does provide financial assistance to local governments and non-profit organizations to assistance available to individuals, however. Grants do not cover all of the costs of purchasing a home, but if you do qualify through one of the granting organizations, you will be required to attend a HUD-approved home counseling class. The FHA in 2009 allows home buyers to take an $8,000 first-time home buyer tax credit toward the purchase of an FHA-insured home.

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