HUD Grants for First Time Home Buyers

First time home buyers have a lot of expenses on their hands. Not only do they have to come up with a down payment for their home, they have to furnish it too, and this isn’t cheap. HUD grants for first time homebuyers are available to help reduce some of these costs and encourage first time homebuyers to take the plunge and buy a house. Like all other available HUD grants, the First Time Home Buyer grant also has specific eligibility requirements, application procedures and deadlines that need to be followed in order to get the free money for your home. Read on below to learn more about this free mortgage assistance.

The eligibility requirements for the First Time Home Buyer Grant are relatively straightforward.

You must be:

• a US resident or citizen;
• a first time homebuyer;
• able to qualify for a mortgage.

If you meet these requirements, you can move on to the application process. For assistance with your application, try the Government Grant Kit. It will guide you, step-by-step, through the application process, as well as providing you with multitude grant information and resources.

First time homebuyers are anyone who has not purchased a home within the last three years.

In terms of qualifying for a new mortgage, it is not enough to assume that you will. This means that you will need to speak with a mortgage broker and complete an application for pre-approval. You will then need to submit proof of your pre- approved mortgage along with your grant application on or before the specified deadline for this grant. Depending on the funds granted in your area, there are different amounts of money available.

These HUD grants for First Time Home Buyers make it easier for people to buy their first homes much sooner than they would on their own. But there is one catch that goes along with accepting this housing grant; you must be in your home for the specified period of time. This period varies from state to state but is usually between 3-5 years. If you sell your home before this time is up, then you will be asked to repay the grant in its entirety. You will not have to pay any interest on these funds.

First time homebuyers have no reason not to take advantage of this housing grant. It is a buyer’s market. The housing market is just starting to recover, but still boasts low rates. It is the perfect time to purchase.