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Housing Grants Concretize Dream

These days the slumping housing market is getting a bad rap. The country is littered with foreclosures. Owners are suing their lenders, and some "experts" are exposing the benefits of renting, and some are even suggesting that home ownership is a bad idea altogether. It is true that home ownership may not be the American dream for everyone.

But if it is your dream, and you are willing to work diligently towards the goal of owning your own home, there is no reason why you should not pursue a path where others have failed. After all, while the market isn't having it's best moment right now, there are plenty of happy homeowners who are virtually unscathed by the crisis around them.

Having said that, while some lenders are eyeing the market with tight fists, loans are still being processed. And, better yet, with tenacity and diligence on your part, there are housing grants to be found. First and foremost, a good credit score is a must. It is reassuring to the lender that she is dealing with someone with a history of being responsible and paying his bills on time.

Always investigate the state of your credit before you sit down with a lender. You can get a free copy of your credit report. If there are any blemishes on your credit report, fix them immediately. You will need a good credt score of at least 700 to get your dream home. Sometimes it may take months to pay off overdue bills and improve your credit score. But don't despair. You should know that even with a grant, a lender likes to know that the borrower is bringing something to the table. In the case of a HUD loan, it can be as little as 5% of the cost.

Lastly, research your options. A great place to start is the HUD. They provide many resources, such as information on buying a home, government foreclosure listings, and grant programs, such as the Good Neighbor Next Door program. They offer insightful information about properties that may require no down payment at all. Just make sure that you read the eligibility requirements carefully, and fill out the applications completely.

It may take time, research, and patience. But anything worth getting is worth working for. And if you're willing to put in a little sweat equity, there can be a house at the end of your rainbow. Happy hunting.