6 Unique Grants for First-Time Home Buyers

By: Sopia L., Assistancefinder
Published Apr 10, 2020 8:12:01 AM

As a first-time home buyer, finding the funds to put down on the property can be challenging. You may even have other financial obligations taking a bite out of your paycheck such as student loans.

If you don’t have the resources for a down payment quite yet, no worries as you’re not alone. Based on the National Association of Realtors, over 80 percent of home buyers looking to purchase a home for the first have less than 20 percent to put down.

Fortunately, there are programs and grants available for first-time home buyers if you’re ready to act now. The following are six programs that may benefit you.

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1. National Homebuyers Fund

If you’re looking for a grant that reaches multi-states, the National Homebuyers Fund (NHF) is an ideal first-time buyer program. Once you’ve found a participating lender, the grant allows up to 5 percent of the amount of the loan. You also don’t have to worry about paying the funds back as the grant is non-repayable.

Consumers must meet the income criteria set by VA, FHA and USDA loans. You can speak with a participating lender for additional information. On a side note, based on a recent report from the Mortgage News Daily, the Federal Housing Administration (FHA) and National Homebuyers Fund (NHF) are currently in disagreement and certain lenders may no longer have access to the grant.

2. HUD - The Good Neighbor Next Door Program

Although this program is not solely limited to buyers purchasing a home for the first time, the Department of Housing and Urban Development (HUD) Good Neighbor Next Door Program assists buyers in saving significantly on the home purchase. The homes that are eligible are listed by state per HUD.

There are eligibility requirements that consist of the purchased property must be in a revitalization area. This is done to encourage renewal in set areas. The program is also only offered to professions such as teachers, firefighters, law enforcement officers and emergency medical technicians.

Those who live in the property for a minimum of 36 months can receive up to 50 percent off the list price. The properties are most seen in places of rural abandonment and areas some may not wish to inhabit.

3. Veterans Administration(VA) Programs

Whether you’re currently in active duty or a veteran, you may qualify for a Veterans Administration (VA) program. One of the primary advantages to the loan is you don’t need money for the down payment.
This program is not solely for those purchasing a home for the first time. It also doesn’t fall under the category of grants. But it can be a helpful tool if you don’t have the money for a down payment. Plus, you can take advantage of the most competitive interest rates.

Offered through certain lenders and backed by the government, you will need to meet the VA loan requirements. The Veteran’s Administration also offers an Adapted Housing Grant for those with disabilities related to their years of service. You can also use the grant toward upgrading your dwelling and making it more accessible.

4. Department of Agriculture Loan

Some home purchasers find rural living an ideal choice. If you don’t mind this quiet setting, the Department of Agriculture can assist individuals with low to moderate income levels purchase in rural communities. The USDA loan doesn’t require a down payment. But you will need to meet the set requirements.

5. First-Time Homebuyer Grants – Locally

Many of today’s first-time homebuyer grants have location and income requirements. While programs are at the national level, you can also find local and state leveled options. But you need to stay alert to the specifics.

Some grants require buyers to repay the plans even after you’ve lived in the dwelling a short amount of time. You may also be subject to a recapture tax if your property is sold at profit before a specific number of years have gone by.

6. First Home Club

The First Home Club is a program that offers borrowers an opportunity to enjoy matching funds on their down payment in New York. Drew Sandholm with Quontic Bank of New York offers consumers an opportunity to deposit funds into a Quontic savings account monthly. For every dollar saved, the program allows you to secure four dollars in matching funds that go up to $7,500 on a new home purchase.

Although this is an excellent way to rev up your housing efforts, your mortgage can only be funded by Qunotic’s grant program.

If you’re looking for first-time homebuyers assistance grants, your best bet is to contact your local lender The experts will have the necessary information. They can also assess your eligibility and point you in the right direction.

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