Finding money to pay for your first home can be very difficult. If you have only started your career and don’t have much savings then you may find it very difficult. Those who have already managed to climb on the property ladder are lucky; they can probably sell their current homes for a profit and this money can be used to purchase their next home. If you are a first time buyer though, you may not only have nothing to sell but you may also be paying rent on your current accommodation. It is very easy to feel stuck in such a situation and it may feel that there is just no way for you to get your first home. Luckily though this problem is well recognized and there are first time home buyers grants available that may help you with at least some of the finance.
How to Get First Time Home Buyer Grants
In many states around the US you will find that there are grants available to help those trying to buy their first home. These grants for first time home buyers serve two purposes; they help those who need help with financing in order to buy their first home and they help stimulate the housing market in the state. If you are lucky you may live in a state where there are numerous opportunities when it comes to 1st time home buyers grants and you may be able to get a few thousand dollars towards the cost of your first home. We all know that every penny counts so this is good news for those who are entitled.
Do You Qualify for First Time Home Buyers Grants?
This will very much depend on the state in which you currently live; each has their own grants for home buying and will target them at different groups. For example you might find grants specifically for groups such as;
- Single parents
- Service or Ex-Service personnel
- Families below a certain income
- Certain professions (for example teachers and nurses)
- Homeless people
- People living in underprivileged areas
- Older people
- Those earning less than a certain amount of money
Some states will have grants suitable for the majority of people looking to purchase their first home. It is always important to check what you might be entitled to claim for; don’t just assume that you are not entitled to anything. Most states will have a huge surplus of grants that have never been claimed. As well as the state grants there is also a federal home grants program for those living in certain areas; such as inner cities.
Types of Grants for First Time Home Buyers
The grants can be found in various forms including;
- Down payment assistance
- Mortgage closure assistance
- Mortgage payment assistance
- Cash grants
Getting onto the property ladder can be difficult for first time home buyers. A first home buyers grant can make it a bit easier so it is worth investigating what your state has to offer. A few thousand dollars can make a big difference and if it is there you might as well take advantage of it.