Top 8 First Time Home Buyer Grants, Programs and Freebies- A survey by Harvard Business School found 78% of baby boomers and millennials want to buy a home. The catch? Most ‘think’ they can not afford one.
In many cases, this may be true. But the research also discovered many can. It found many had an income, credit rating, and time on the job good enough to qualify for the many first time home buyer grants and programs mentioned in this article.
1. Federal Housing Administration Loan (FHA)
If you have a credit score of at least 580 you could qualify for a mortgage for as low as 3.5 percent of the price of the home.
F.H.A loans have helped more first time homeowners than any other type of loan.
2. United States Department of Housing and Urban Development (HUD)
HUD offers many first time buyer grants and low interest loans, depending on the state, city or area you live in.
Note: For those who now live in public or government housing you may qualify to purchase the home, condo or apartment you now live in through the HUD Public Housing Homeownership Program
You may also opt for- HUD Offering $35000 Home Repair Grants For Low Income
3. V. A (Veterans Administration) Loans
If you are an active duty service person or veteran you may quality for a no down payment low interest rate loan. The VA loan is the lowest cost mortgage on the market because you’re not required to pay for mortgage insurance.
4. The Good Neighbor Next Door Program
This program for first time home buyers offers home for up to 50% off the retail price. To qualify you must be a teacher, police officer, fire fighter, or EMT. A $100 down payment is all that’s required.
You must commit to live in the home for at least 36 months.
5. Energy Efficient (or Green) Mortgage
The energy efficient mortgage was created to help first time homeowners add energy efficient improvements to their home. These loans are insured through VA and FHA programs.
This mortgage let you build an energy efficient home without requiring you to make a larger down payment.
6. HomeReady HomePath Mortgage
Another popular program for first time home buyers. To quality you must take a short buyer education course. After you complete the course you will receive 3% toward closing cost for a mortgage loan. The down payment, 3%, is lower than the lowest FHA loan.
7. HUD Dollar Home Program
After 180 days on the market, certain unsold HUD Properties are offered exclusively to local governmental entities for $1 for 10 Days. Local city of counties then offer these properties to residents to revitalize communities or neighborhoods.
8. USDA Home Loan Program
This program focuses on homes in mostly rural areas, if you like or can tolerate country living this loan may be for you. This program guarantees 90% of the loan, which means there may be no down payment required and the loan is fixed. Sweet!
You may opt for- Loans and Grants For Low Income Homeowners With Bad Credit
These are the top 7 programs available for first time home buyers. As always, like ocean waves government programs come and go. But as of this writing these programs is helping thousands of first time home buyers who thought they could not afford a home realize their dream. Check them out. you could be next!
First Time Home Buyer Grants and Other Freebies
1. No Penalties
A first time home buyer can take out up to $10,000 in contributions from the Roth IRA to pay for the home without penalties. Check with your tax advisor for the latest rules.
2. Real Estate agent
This person can be your greatest fountain of information when looking for your first home. They know your local housing market, the advantages and disadvantages of specific homes. They can help you pick the right home to fit your personal and financial needs and much more. The best part? They are free if you are a buyer.
You may also like- Free Window Replacement Grants For Low Income Families
Another amazing freebie is pre-approvals. They help save you time and energy. How? They let you know what price range you can afford, helping you and your agent know which houses you should be looking at.
4. First-time Home Buyers’ Tax Credit (HBTC)
The HBTC is a non-refundable tax credit for first time home buyers and is worth $750. The first time home buyers’ tax credit must be claimed on an income tax form no later than one year after the home is purchased.
Check out- How To Get First Time Home Homeowner Grants
5. The RRSP Home Buyers’ Plan (HBP)
This program was designed to let you withdraw funds from your Registered Retirement Savings Plan (RRSP) before retirement for the purpose of a first home purchase. The advantage of the HBP is that the withdrawal is completely TAX FREE.
The RRSP Home Buyers’ Plan allows you to withdraw up to a maximum of $25,000. Be sure to consult your tax consultant for more details.
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