Eligibility for a First Home Buyer Grant

By: Isabella N., Assistancefinder
Published Mar 16, 2020 8:14:01 AM

If you are like most first-time home buyers, you may not have the amount of money necessary in your savings to buy a home. Fortunately, the government has programs to help with the cost. There are some grants that don't need to be repaid, however, there are some grants that do. These grants often don't accrue interest over time which is great. While there are first-time home buyer grants available, not every first-time buyer will qualify.

Eligibility Requirements

The eligibility requirements that need to be met for a first-time home buyer grant can vary depending on the grant. There are, however, certain basic requirements that most grants require. These requirements include:

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• You must meet a maximum income requirement. If you make too much money and you exceed the maximum requirement, you would not be eligible for the grant.
• You cannot have excessive income
• You must not have owned a home within the last 3 years. If you have, you will not be considered a first-time home buyer and you won't qualify for a grant.
• You cannot have gone through a foreclosure. The people giving the grants want to be sure that they won't give you the grant only to have you lose your home.
• You cannot have tax liens. If you do it can make getting a mortgage difficult, therefore, you wouldn't need a grant.
• You cannot have gone through a bankruptcy recently. The people giving the grants want to be sure that you have good credit and that you are good with money.
• You cannot owe outstanding child support. This can affect your credit and if your wages are garnished, it can make it difficult for you to make your mortgage payments.

What Types Of Assistance Are Available

First-time home buyer grants were designed to help first-time buyers with the down payment, the closing costs, or the mortgage payments. These grants cannot be used for any other purposes but these. There are certain grants that will provide a specific amount of cash assistance to put toward these costs. There are others who will provide an equal percentage to help with the down payment, closing costs, or monthly mortgage payments. There are some grant programs that would require you to start making monthly payments to repay the grant right after it is received. There are other grant programs that don't require you to make any payments until you sell the home that you purchased. If you stay in your home forever, you wouldn't need to repay the grant.

Federal Grants

The federal government offers first-time home buyer grants that can help with the down payment on a home. The amount of money that you qualify for would depend on your income and the number of dependents that you have. You would not be required to repay a grant from the federal government until you sell your home. In some cases, the government will forgive the loan if 15 years have gone by and you still own the home.

State Grants

Most states offer first-time home buyer grants. The amount of assistance available and the eligibility requirements vary depending on the state. Most states offer grant programs for each individual county. There are certain basic requirements that need to be met in all states. One of the basic requirements is that you need to meet a maximum income requirement. There are many grants that require that you have limited assets. There are also certain state grants that are only available to a certain demographic such as single mothers or the elderly. You should contact your state department to find out what types of grants are available and the requirements that need to be met in order to qualify.

First-time buyer grants were designed to help people afford their first home and all the costs that go along with it when they are just starting out. There are two different types of grants that you can choose from, however, you cannot get a grant from both your state and the federal government. If you are hoping to buy a home but you don't have the money in your savings for the down payment and the closing costs, a state or federal grant can help.

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