Grant Programs

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Before you start a search for a grant program, it is important to understand the types of Grant programs often offered:

Forgivable Grant programs to assist with closing cost and/or down payment.
Grants are money given through a Government/Municipality, public or private organization that allows the funds granted to be used in the new home purchase transaction. Many of these programs are created tobe an incentive for buyers to purchase a home in a targeted area. This is done to help improve the community and rejuvenate locations that need home owners. Often the structures of these grants are more like a second mortgage. They may provide the funds to be used as assistance for down payment and closing costs but they are attached as a lien to the property.

Forgivable Grants with a term

This grant maybe forgivable if the homeowner agrees to occupy the property as a primary residence for a set period of time. The terms tend to be anywhere between 5 to 30 years. Each grant may have its own unique set time period requiring occupancy.

Forgivable Grants with a residency requirement

In all likelihood the grant will require that the recipient(s) of the funds remain in the home while the term of the lien is in effect. If the property is no longer a primary residence during the grant's term repayment may be required.

Grants in second lien position

Although the grant may commonly be thought of as not a mortgage, in a pure sense of a mortgage, it may not have an interest rate or monthly payment. It is however, attached to the property in second lien position behind the first mortgage. It may need to be subordinated if an equity line or an additional 'second mortgage' was opened on the property until the grant attached to the property is released via its terms. Until released it will remain attached to the property.

Free and Clear Grants 

Although less common than a grant with a lien attachment, free and clear grants may be available in certain areas for certain properties. These grants are in essence a gift of the funds with no additional attachment to the property.

If you match with a grant program to assist with down payment and/or closing cost you may still be require to get a first mortgage through FHA, USDA, VA or other lenders.

Click to select a state for program search.
The typical grant program will tend to cover 3.5 to 10% of the purchase price of the home. Although you may be able to "Stack" grants. Stacking grants is when borrowers get multiple grants/programs and use them in the same home purchase. This stacking of first time home buyer grants gives more money to be utilized for down payment and closing cost. In some situations if the grant money is not fully utilized in the loan expenses and down payment the remaining money may be allowed to be applied to the principle amount of the first mortgage.
If there is grant being used the remaining funds needed to purchase the home will usually come from a first mortgage. The majority of the first mortgages are usually FHA or Conventional home loan. Before getting a grant you should determine if you qualify for the first mortgage. In addition, you want to make sure the first mortgage allows for the first time home buyer grant program chosen to be used.

Now that you have the basics of what are grants for home buying, you can select a state below to see some grants that are offered.

Find first time home buyer grant programs by state, select below:

Alabama grant programs

Alaska grant programs.
Arizona grant programs.
Arkansas grant programs.
California grant programs.
Colorado grant programs.
Connecticut grant programs.
Delaware grant programs.
Florida grant programs.
Georgia grant programs.
Hawaii grant programs.
Idaho grant programs.
Illinois grant programs.
Indiana grant programs.
Iowa grant programs.
Kansas grant programs.
Kentucky grant programs.
Louisiana grant programs.
Maine grant programs.
Maryland grant programs.
Massachusetts grant programs.
Michigan grant programs.
Minnesota grant programs.
Mississippi grant programs.
Missouri grant programs.
Montana grant programs.
Nebraska grant programs.
Nevada grant programs.
New Hampshire grant programs.
New Jersey grant programs.
New Mexico grant programs.
New York grant programs.
North Carolina grant programs.
North Dakota grant programs.
Ohio grant programs.
Oklahoma grant programs.
Oregon grant programs.
Pennsylvania grant programs.
Rhode Island grant programs.
South Carolina grant programs.
South Dakota grant programs.
Tennessee grant programs.
Texas grant programs.
Utah grant programs.
Vermont grant programs.
Virginia grant programs.
Washington grant programs.
West Virginia grant programs.
Wisconsin grant programs.
Wyoming grant programs.
District of Columbia (Washington DC) grant programs.

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