The Federal Government has offered several grants, tax credits and loans for the home owners. President Barack Obama’s 2009 Stimulus Package has been launched with the determination to provide a home to one & all. Grants are available to renovate your home and loan modifications have been made more affordable to save the current homes. Besides there are several grants announced for those who are buying for the first time.
Earlier, the home buying grants & the down payment assistance programs generally have the following guidelines:
? Minimum credit history and credit score
? Maximum income limits
? First time home buyer requirement i.e. you must not have owned a home in the last 3 years
? Available funds requirement as per the criteria
How to Get Government Grants for Buying a Home
With this new Stimulus Package by President Barack Obama, many new directives have been set up. Here are some points that would help you understand this package better and hence help you buy a home for yourself:
? These decisions are headed by the Federal Housing Administration, a department of the US Federal Housing & Development Department (HUD). Now the one thing you must understand is that HUD does not offer any direct grants and / or the loans to the individuals. They work through the local governments and the non profit organizations. They have now appointed several experienced & professional counselors to provide financial assistance & counseling to the individuals to get their homes. They do not charge you any thing unlike the private counselors.
? None of the grants would cover 100% cost of the house.
? The government does not give a grant to the individuals who can not use it for the mortgage. So qualifying for a mortgage is utmost necessary.
? You must attend an HUD approved Housing Counseling Class in order to get help from the Federal Government to buy a home for the first time. This class helps you to get your finances organized.
Besides, the first time home buyers have ample tax credits to look up to. Also, there are several personal loans available that can be invested towards buying a home.
By: Eric Banks