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Are There Grants To Buy a Home?

The building of new homes creates jobs around the country, which boosts economic activity. The more people buy homes, be they older or newer homes, the more homes will need to be built. A strong demand for new homes is one of the best indicators of a strong economy. This is why the United States Government offers various grants to those who wish to buy a home.

Home buying grants are managed by the United States Department of Housing and Urban Development, or HUD. These grants are available in different situations and have various qualifications. Some of these qualifications include basic financial assistance, but some are more targeted. The government is not the only entity that offers grants to buy homes, however. There are many different non-profit organizations that offer grants for various aspects of home buying.

First time buyer grants exist to make it easier for long time renters to make the transition to home ownership. These grants are only available to those who have never before owned a home. There are also down payment assistance grants. These exist to help those who can afford to make a monthly payment, but find it difficult to save up enough money to make the necessary down payment on the home. Rent in some areas is very expensive, and though it may be cheaper for families to own a home, they still must pay the rent while they are saving the money for the down payment. Down payment assistance grants can get them into the home so they can be investing in their future instead of an apartment complex.

For many, buying a home is still the American Dream, and there are lots of opportunities to get grants that will help people realize this dream.