Government Grants For Homebuyers

Your home can be your greatest asset. The current housing market can be a huge benefit for first time home buyers. There are many great deals to be had in every state. Not only can you find phenomenal bargains on real estate, but the government is offering first time home buyers a $7500 tax credit. That being said, the main challenge that first timers face, is qualifying for the loan. Many of the mortgage loan programs and credit requirements have changed, and most home buyers must have a substantial down payment in order to get a loan. There is help though. Down payment assistance programs are popping up all over. One of the more popular down payment options comes in the form of a government grant. The great thing about a getting a grant for down payment assistance is that it doesn’t usually have to be paid back. Grants differ from state to state, as well as on your income. Your credit does not affect your chances of getting a government grant, but your income does. The number of dependents that you are responsible for is also taken into account when examining your income bracket, as well as the average income for the area where you are looking to purchase your home. There is government grant money available for all types of income though, so don’t let that stop you from applying. Some of the other requirements are not having been a home owner in the last 3 years, not having a bankruptcy in the last 2 years, and not having a prior foreclosure on your record. It will also be difficult to qualify if you have ever defaulted on a government loan, or have outstanding tax liens, or unpaid child support.
Some government grants for down payment assistance do have to be paid back, but not until the home is sold, and there is no interest or installments that have to be paid. No matter how you look at it, there is no reason not to apply, it doesn’t cost anything and you may qualify even if you have had some of the problems listed above. Government Grants have helped many first time home buyers to get into the home of their dreams. Why not you? Learn how to apply at http://www.federalgrantonline.com