Grants for Low Income Families to Buy a House
Learn more about Grants for Low Income Families to Buy a House. The sources below give background information and insight into organizations that are working to make house ownership more affordable for low- and moderate-income families.
About Grants for Low Income Families
Purchasing a home is a significant investment. Purchasing a house is difficult for low-medium homebuyers since it requires enough financial sources to meet the down payment and closing charges.
Perhaps you’ve put off purchasing a home because you haven’t been able to save enough money for a down payment or because your credit score isn’t ideal.
Federal grants for small business counseling come in different forms and sizes; all you have to do is choose the one that’s perfect for you.
List Grants for Low Income Families
Read on to see if you’re eligible and how to apply. Below, we’ll go through each of these programs in further detail.
1. Downpayment Toward Equity Program
The Downpayment Toward Equity Act, presented in Congress in 2021, is a home buyer grant for first-time house purchasers with additional grant money accessible to renters from socially or economically disadvantaged backgrounds.
The Downpayment Toward Equity Act provides up to $25,000 in assistance to renters who wish to purchase their first house.
Amount: $25,000
CLICK HERE to Apply
2. The Homebuyer.com Forgivable Mortgage
The Homebuyer.com forgiving mortgage functions similarly to a housing grant. Approved purchasers get cash for a down payment of up to 5% of the purchase price, with no interest and no repayment requirements.
The Homebuyer.com forgiving mortgage is not available to everyone. At the very least, beneficiaries must have fair credit, be eligible for an FHA loan, and agree to a 30-year fixed-rate mortgage. A one-hour online instructional lecture may also be required of buyers.
CLICK HERE to Apply
3. National Homebuyers Fund
The National Homebuyers Fund is a community benefit company that operates on a non-profit basis. It provides up to 5% of the purchase price of a property to first-time and recurrent home purchasers.
The program is available to first-time purchasers with conventional, FHA, VA, or USDA loans, and it forgives the debt five years after closing.
Renters are not eligible to apply for the National Homebuyers Fund award; only your mortgage company may do so.
CLICK HERE to Apply
What is a USDA Loan?
A USDA home loan, commonly known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan issued by the United States Department of Agriculture to rural property owners.
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Originally published at https://www.currentschoolnews.com on June 22, 2022.
