Government Grant to Help with downpayment of low income family?

Question

Hi, I'm looking for find information for getting the government to help with a down payment grant for a very low income family. I looked at 10.410 Very Low to Moderate Income Housing Loans which is now section 502, but that is a loan for 100% of the price of the home.. I feel as though I can still quialify to get a home on my own, but really need help with the down payment. I've been lookin on HUD for the program, but can't find it. Any help would be more than welcome, I have a very short time (2 months) before I am being forced to move elsewhere. I unfortually have to move out of State for I can't afford rent or a home in my current State. Also would moving to a City(metro area) help any with finding a grant? Thanks

Answer 1

You are correct -- the government grants given even to low-income families are mostly in the form of low-cost loans, not cash money or downpayment assistance. Even if you 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.

In fact, 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."

However, there are non-profits -- which are the recipients of most government grants -- that give downpayment assistance or support to low income families. Check out Habitat for Humanity.

Also visit the Nehemiah Corp as they have a downpayment assistance program for qualified lenders http://www.getdownpayment.com/ -- this is an organization well known for helping low income people buy into the America dream of owning a home.

Answer 2

I have done all the work I hate to tell you this but there are no more programs in US that's all closed!!! due to America's economy US has no money left we are getting ready to crash this year most likely bankrupt entirely and the collapse is already starting to happen the programs were discontinued. they are no longer giving money for downpayment on homes and FHA and rural home loans are no longer funding anything they have no money there. they are all dried up and also Nehemiah corp said they don't offer anything there and asked where I got this information from I just said oh heard about it that's all they are a corporation not assisting the public for downpayments on anything they are a company not a service agency someone got the wrong impression that Nehemiah corp will help they don't do that there all the list I see here is not doing anything any longer because there is no money left in US to put there also they all said that loans are through FHA with all banks and credit reporting agency they block all applicants until they check credit rating and score and FHA is only through banks not government so which means anyone will be send to the bank to deal with that they will get denied because they don't make enough money and most have no job so they are not gonna get anything anyway its all controlled by Equifax which is now the prime company deciding who will get what. if I were anyone out there I would not count on owning a home because it will never happen. there are no grants there are no loans for this money is fast disappearing and America is not what it used to be so just be aware that there is no such thing as downpayment you are all on your own

Answer 3

Well let me put it to you this way there are no free money programs available to buy a house. There are federal assistance programs that basically accomplish the same thing but they are loans and not really grants in where your partner in acquiring the property is the government and they will be paid sooner or later. To this end the government and public institutions have prepared web sites that will provide you with the information you need to determine whether you want a particular program available or if you qualify for it. Therefore I suggest that you go and research these links provided by our research department for information and programs that can indeed accomplish your acquisitions goals.
HOUSING ASSISTANCE PROGRAMS
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
All government Benefit Programs http://www.govbenefits.gov/govbenefits_en.portal
Department of Veteran Affairs – Home buying programs for Veterans:
http://www.homeloans.va.gov/veteran.htm
Federal Reserve, pamphlet on acquiring the best mortgage: http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm
US GOVERNMENT CONSUMER TIPS ON HOMES: http://www.consumer.gov/yourhome.htm
Low Income Home Purchase Assistance (Private): http://www.nehemiahcorp.org/
The following link list web sites of that are directly or indirectly related to low-income energy assistance http://www.acf.hhs.gov/programs/liheap/resources.html
AFFORDABLE HOUSING CONTACT LIST FROM REALTOR.COM US GOVERNMENT AND ALL STATES: http://www.homefair.com/homefair/servlet/ActionServlet?pid=187&art=contlist&cid=homefair
Low income housing assistance (private) Habitat for Humanity: http://www.habitat.org/
The following link list web sites of that are directly or indirectly related to low-income energy assistance http://www.acf.hhs.gov/programs/liheap/resources.html
USDA Rural Housing programs & eligibility requirements: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
As you can see you got some research work to do to determine what is the best avenue to take.
Buena Suerte

Answer 4

Have you heard the expression: "There are no free lunches?" The same applies for homes. If you have low income, look at renting a place where HUD subsidies are accepted. The term is Section 8.
You would have to apply to HUD for rental assistance. They will determine if you qualify.

Answer 5

Check with your bank. I know the one I work for, they do have a government assisted program which will help with a down payment. However, you have to meet the criteria (good credit) and be financially sound to be able to pay the mortgage.