First time buyers downpayment grants?

Question

I see ads about free grants for first time homebuyers, how much do they give you and are there any small print details to look out for?

Answer 1

First be aware that there are a lot of GRANT SCAMS out there -- promising that you can get grants for things like buying a house, starting a business, paying your debt, etc. Grants exist -- but not in the way these scammers portray them

I suggest you read the warnings FTC has issued against these "grant" companies:

http://www.ftc.gov/opa/2004/03/grantresources.htm
http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt134.htm

Here is also one of the warnings issued by the Better Business Bureau http://www.concord.bbb.org/tips_timesharescams.html

To get information on housing grants, check out non profits, who are the recipients of most housing grants. Check out Habitat for Humanity.

Also visit the Nehemiah Corp as they have a downpayment assistance program for qualified lenders http://www.getdownpayment.com/

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.

Answer 2

Watch out!!!

I got one on my first house only to find out later it was given by a shell company of the lender in order to sell the house. Nothing is free in this country and you will be paying a higher price for the house you buy.

Answer 3

FHA, HUD first time buyers not a problem just watch the type of loan and who you get it through.

Found ya now i know where you are!!!!

Answer 4

maximum lenders have 1st domicile consumers "deals". you would basically want to study each and each and every out and discover the single which maximum almost suits your earnings. i'd get on the internet and study domicile figuring out to purchase so that you gained't get taken advantge of. maximum condos have the type of marvelous number of issues to learn about in the previous you purchase one.