GovernmentGrants

Buying a home for the first time is a big deal for many Americans, as they need to have enough cash to make a down payment, and cover the basics. A first-time home buyer is anyone who has not owned their primary residence in the last three years. This three-year cut-off period is based on the upcoming purchase property’s closing date. Nevertheless, arranging for cash is a big issue for first time home buyers. However, they can gain access to cash to help them pay for down payment, mortgage, and other closing costs. Grant money helps the local community at large by building stability and generational wealth, and also increases local spending, that benefits small businesses in the area.   While eligibility requirements for first time home buyer grants may vary, there are some common requirements, like: The applicant should earn 80% or less of Area Median Income (AMI)    Many grant programs stipulate the applicant to chip in some cash      Your spend...

  The US Department of Housing and Urban Development (HUD) administers block grants to help fund affordable rental and homeownership activities as well as neighborhood revitalization. HUD works through local governments and non-profit organizations to make financial assistance and counseling available to eligible individuals. HUD uses a formula for government housing grants to allocate funds for each program to large cities and urban counties. To be eligible for these government housing grants, jurisdictions are required to submit a consolidated plan about the local housing needs of low- and moderate-income residents. HOME Investment Partnership Program by HUD, commonly referred to as HOME, distributes approximately $1bn to states and participating localities.    Government housing grants provide an alternative for low-income families to secure funds needed for obtaining housing. These can be used for purchasing a home, buying rental property for housing income,...