2006-11-22 21:41:49 · 8 answers · asked by Tiffany R 1 in Business & Finance ➔ Renting & Real Estate
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."
I suggest you check out non profits, who are the recipients of most housing grants. Check out Habitat for Humanity - though I doubt they offer closing cost assistance (I know they offer something like sweat-for-equity where you build your house).
Also visit the Nehemiah Corp as they have a downpayment assistance program for qualified lenders http://www.getdownpayment.com/ - but then again, your needs are for closing costs.
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. I doubt though that you can find any grants to assist you for your closing costs.
Talk to your realtor and mortgage lender and ask them if they could direct you to any assistance program.
2006-11-22 21:49:13 · answer #1 · answered by imisidro 7 · 1⤊ 0⤋
There are a few options and a good realtor and loan officer should be able to provide you with details. Depending on the market, you can get the seller to foot the bill - but this has to be written into the contract. Depending on the loan program and the value of the home (based on appraisal) you can roll the closing costs into the loan. Sometimes you can even get the loan officer to reduce fees and the realtor to kick some of his commission in to get things closed.
2006-11-23 00:23:45 · answer #2 · answered by whatever 3 · 0⤊ 0⤋
Most loans require that the buyer contribute at least some of their own expenses. Probably FHA is the best deal available for 1st time home buyers with little money of their own. Basically, they want the buyer to provide at least 3% of the sales price - HOWEVER, there are ways around this.
Note: Borrowing the money from friends or relatives is not allowed.
You can get the money as a GIFT from immediate family. You can get a gift from government grant money.
Call a few mortgage brokers to see who currently has access to grant money.
2006-11-23 02:27:48 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
All the ideas above are really good. I would just point out that you may not need it. Your seller could pay up to 6% for closing cost. There are really good options for first time buyers. Your mortgage professional should be able to give you several options. Feel free to email me if I can help @ lowermydebtnow@yahoo.com
Best Regards,
Anthony
2006-11-23 02:46:10 · answer #4 · answered by lowermydebtnow.com 2 · 0⤊ 0⤋
When purchasing a home they usually expect you to be able to come up with closing costs out of your own pocket. About the only way I know is to borrow it from a relative or close friend.
2006-11-22 21:53:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Ask the seller to help with the closing fees but the price of the house will go up as well.
2006-11-24 03:55:27 · answer #6 · answered by Isabella789 4 · 0⤊ 0⤋
You could roll the closing costs into the loan.
2006-11-23 01:54:35 · answer #7 · answered by KYRealEstateGuy 4 · 0⤊ 0⤋
You can't include it in your loan?
2006-11-22 21:50:40 · answer #8 · answered by kitty fresh & hissin' crew 6 · 0⤊ 0⤋