Buying a home is s a big step in any person’s life. The process can easily feel overwhelming.
As you start to plan for your future the financial costs can seem impossible to overcome. But this article is going to take some of that stress off because there are options available to you. Keep reading below to learn about important financial resources and programs you can turn to for help.
National Homebuyers Fund
The National Homebuyers Fund is a nonprofit that provides down payment and closing cost grants which could cover up to 5 percent of the house’s total cost. Although you don’t have to be a first-time homebuyer to qualify, it’s important you find a mortgage lender that is in the program’s network.
Go here to get more information on their programs for homeowners.
Chase Homebuyer Grant
This is a great option to explore if you’re looking to buy a home in a specific area that has a low to moderate-income average. For those that qualify, the funds from this grant are mainly applied to closing costs, but it’s also possible to be applied toward your down payment.
For more information on how to become eligible, click here and choose your state to learn more about this grant opportunity.
HomePath Ready Buyer
Sponsored by Fannie Mae, the HomePath Ready Buyer program can get you up to 3 percent of your home’s total price to help with the closing costs. It’s important to know that this only applies to people buying a HomPpath property, which is a foreclosed home owned by Fannie Mae. Go here for more information on finding the right home for you.
Bank of America Grants
Bank of America has two grants available that you should take a look at. One is called the America’s Home Grant, which can provide up to $7,500 in lender credits for closing costs. The other option is the Down Payment Grant, which can provide up to $10,000 in down payment assistance. Keep in mind that these opportunities are only available if you get your mortgage from Bank of America.
Qualifying For A First-time Homebuyer Grant
One of the big things about these grants is that not everyone will automatically qualify. Most of these programs are catered toward people in the low to moderate-income level of borrowers. So the definition of what is low to moderate varies depending on where you live.
So let’s take a look at some of the most common eligibility requirements for an overall view of what to expect.
Income Limits
Alot of these programs define low-income as earning 80 percent or less of the area’s median income (AMI).
Home Price Limits
It’s possible you’ll be restricted to a budget based on the local housing market where you live.
Your Financial Contribution
Even though you will get assistance for the purchase, many of these grants require you to contribute financially as well. Alot of times these grants ask for either 1 percent of the purchase price of $1,000 (whichever is more).
Your Housing Grant Goals
Make sure you’re exploring all of these available options when looking to buy a home. You may be surprised to learn that more financial help is there than you think. Here’s to finding the right home for you and your family, and for an affordable price.
