Are grants worth applying for? Are there any catches?

Question

I don't already own a home, but I would like to purchase a place out of state. Could I get a grant? Are there any catches, or are they worth applying for? I need some advice. Thanks in advance!

Answer 1

The Housing and Urban Development in their Grants Available page makes it clear that they do not provide grants to individuals -- hence no grants for a person to buy a home http://www.hud.gov/grants/index.cfm

"While HUD does not offer direct grants or loans to individuals, we do work through local governments and non-profit organizations to make financial assistance and counseling available."

You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.

Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.

Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs

The government is NOT in the business of giving away free money for the sake of giving away money. Grants are free, but it means OBLIGATION. You will be obligated to do as the grant sets out to do. Grants have objectives, and your purpose must fit the objective of the grant.

For one, you have to write the grant application and the grant application is not a simple document - you have to explain how your purpose for applying for the grant fits well with the objectives set out by the grant. Grants have objectives, and the grant applications that best captures the grant's objectives are approved.

There is a stringent review process through a committee composed of federal employees and selected experts in the field. You will compete with other applicants for the grant money, and this grant review committee will evaluate the merits of each proposal. Only those that they feel exemplifies the objective of the grant will be approved.

Answer 2

If you can get a grant, than they are what they seem to be: Free money due to your financial circumstances. The trick is getting them in the first place. Apply to all of them you can find, because the worst that can happen is they say no, and at best you may get a cool grant to help you out. Good luck!

Answer 3

Grants are generally for those in financial need for something that is helpful to many, or for those who need them for some kind of intellectual purpose. These things include college, opening a nonprofit company/organization, etc. You probably cannot get a grant to own a home as there is no chance of that benefitting the world in general, unless you are using the home as an office and stockroom for a nonprofit charitable organization.

Answer 4

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Answer 5

Yes they ARE worth it. It is FREE money! no catch, you just need to fill out the proper paperwork and get approved (that would be the only "catch") and it is worth it. It is always worth it trying to get money you don't have to pay back.

Answer 6

Depending on the state you live in there are all types of programs out there...... Here is one place to check out.... http://www.hud.gov/grants/index.cfm