The American Dream of buying and owning a home is still alive and well. Even in such harrowing economic conditions, there are many people that are making their dream of home ownership a reality.
If you are wondering whether or not you can buy a home, most likely you are looking for financial assistance.
A housing grant is one of the best options out there for anyone looking to buy a new home.
Before you even apply for a loan, you will want to look into what housing grants are available to you. A housing grant is basically like free money, and who doesn’t love that? With housing grants the money you receive will never have to be repaid. The main source for housing grants is the Department of Housing and Urban Development also known as HUD. HUD also provides funding to other housing groups that are authorized to disperse these grants.
Housing Choice Voucher Program
No doubt you have heard of Section 8, but before you dismiss this option you should learn more about what it may be able to do for you. Section 8 is now known as the Housing Choice Voucher Program.Through HUD’s Homeownership Voucher Program mortgage assistance is available to those that qualify. If you have low income, are a senior citizen, or have a disability, you may be able to take advantage of the Housing Choice Voucher
In order to apply for the Housing Choice Voucher Program, you must go through a public housing agency in your state. If your application is accepted, you are assigned a housing agent, who will provide you with your vouchers and help you find an eligible home. The housing vouchers cover the majority of your rental costs. The exact amount it covers changes based on your financial needs. For the most part, the housing grants are used to rent property, but there are some options available if you want to purchase a home.
So just how do you go about getting one of these Housing Choice Vouchers? Each state has its own public housing agencies. As you can imagine, the application process involves very detailed information about your financial situation and employment status. Once you fill out your application it must be approved by the agency. With approval you can use your housing voucher toward rent or a mortgage. How much you receive is dependent on income and other factors.If you think this could be a viable option for you, it doesn’t hurt to look into it You may need to be put on a waiting list if the demand is great in your area.
Emergency Solutions Grant (ESG)
We hope you never have to experience a disaster that causes you to lose your home. However if you are in this situation an Emergency Solutions Grant can help. These grants provide quick monetary assistance for those affected by hurricanes, fires and other disasters. The funding is administered by HUD with assistance from non profit organizations. Some of these nonprofits can even provide temporary housing while you are in the process of obtaining a new home. With the help of nonprofits and public housing agencies, you can be fast tracked into a new home with substantial monetary assistance from an Emergency Solutions Grant. Contact your local HUD authority to find out more about this helpful housing grant.
Good Neighbor Next Door
Few people have heard of the Good Neighbor Next Door program, but it is a fantastic resource for many employed citizens looking for housing assistance. This unique HUD sponsored program is designed for those in specific careers that are of special importance to society. According to the FDIC the Good Neighbor Next Door “program enables affordable home- ownership opportunities in neighborhoods designated as “revitalization areas” to full-time law enforcement officers, pre-kindergarten through 12th-grade teachers, firefighters, and emergency medical technicians (EMTs) via a 50 percent discount off the purchase price of the property.” This is a great opportunity that can help you obtain a grant without income being a limiting factor.If you are a first responder, teacher or one of the other qualifying professions you can apply for this grant.
Of course, there are a few caveats to this program. The grant must go to a home you will actually live in, not one for a family member or one you will use as rental income. It must be a primary residence.There will be a list of homes you can choose from that are eligible for the grant funds.
National Homebuyers Fund (NHF)
The National Homebuyers Fund is a nonprofit organization that has helped many homeowners across the United States. This program works with various mortgage lenders. If you are looking for a loan, choose a lender that participates in the National Homebuyers Fund. You may be able to get a grant that covers up to 5% of your total loan, as long as this amount does not exceed $10,000. As with the other grants, this program is only available for those buying a home that they themselves will live in. To receive the grant you must stay in the home a minimum of 3 years.Even if you don’t qualify for the NHF grant, this organization may be able to alert you to other opportunities you may not have been aware of.
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