Buying your own home is a dream for many people. Unfortunately, not everyone can afford the down payment required by getting a loan to purchase their own home. Getting a grant for your first home can be a solution, when you do not have other financial means to cover the down payment. Here are the necessary steps you have to undertake to get a grant for your first house.
Find a suitable program
Grants for first time home buyers are available in all US states, but these programs are not the same everywhere you go. The best course of action is to ask your local government for more information on existing grant systems. The Department of Housing and Urban Development is a great source to get started, because this is where you will find all the needed information on the program running in your state.
Make sure that you fit the requirements
Besides being a first time home buyer, you will most probably be asked to meet other requirements. These usually refer to income limits, but again, they vary quite greatly from one state to another and even from county to county. Make sure you have all the information needed, to avoid any later disappointment. The number of people in the household may also play a role, so if you have kids in your care, this information should be required.
Apply for a loan grant
There are lenders who offer loan grants through local home buying programs. Go to your local housing agency and ask for a list with approved lenders in your area. Depending on the area you live in, you may find more lenders willing to help you with your first time home purchase.
Make sure to complete correctly the application form
There is nothing more frustrating than having to resubmit applications because of incorrect or insufficient information being submitted in the first place. Details about your income, employment history, credit history, debt situation, as well as other financial and personal info, are usually required in these applications. If your application goes through, you will get the grant you need to purchase your first home.