CHAPTER 11 Programs For Traditional aditional Home Buyers
According to the Census Bureau, 67% of Americans own their homes. However, many people cannot afford to buy their own houses, often because they can’t afford the closing costs or don’t meet the down payment requirements of commercial loans. The U.S. Department of Housing and Urban Development (HUD) provides billions of dollars yearly to housing grants, turning the homeownership dream into reality. If you’re buying a home for the first time, you can file for a buyer’s grant. National, state, and local programs and grants are available to first-time home buyers. These programs and subsidies can help cover portions of acquisition costs, including the down payment, and allow buyers to get more loans to finance.
GRANTS FOR FIRST-TIME HOME BUYERS
Grants can be just as important as loans when buying your first house. First-time grants for home buyers can be a significant source of funding, and unlike a loan or a debt, a grant won’t have to be repaid. Often, these programs are aligned in areas where the government wants to capitalize on community revitalization. This makes “urban homesteading” a viable and less expensive option for the first-time buyer. These grants are a boon for both home buyers and the community. Most grants help with down payments or the costs of closing. There are also programs that provide funds for other purposes in the process of buying a house. Many of these programs offer 86
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