Top 5 home buyer grants you should know about
Property values are too low at present and so a lot of buyers look forward to buying a property. To sweeten the deal further, you can opt for home buyer grants. Get some cash from the government and invest on a property while also see the value doubling in a few years time. So, don’t you think that it is a dream come true situation? Most of the crafty and smart American home buyers practice this strategy and enjoy a real win-win situation. Citizens who used to keep a track of their expenses and monitor their financial holdings are now moving ahead to buy a property. People who find it difficult to arrange quick funds will have to consider home buyer grants. There is a sudden rise in the number of people applying for home buyer grant.
Free government money in the form of home buyer grants can finance your property. Research all your options regarding home buyer fund grant before applying for it. A plenty of cash awards are available for the persons who qualify for the grants. Your chance of qualifying for government cash increases when you have a steady income, a good credit rating and a stable job.
The 5 best home buyer grants to make property purchases easy
- FHA LOAN: This is one of the best home buyer grants perfect for those who don’t sit on a heap of down payment cash. Even if the credit record is quite spotty, FHA loan is for you. The FHA loan is insured by Federal Housing Administration and comes with a small down payment usually. It requires minimum credit score where the first time buyers can also buy a property when the credit score is as low as 500 to 580.
- USDA Loans: The loan is guaranteed to the rural population where there is 100% financing almost. If you reside in the USDA eligible area, you can have this loan. But, there is an income limit to this. It is perfect for the folks who have a lower or moderate income.
- Veterans Administration Loans: Military members in the USA are mainly eligible for VA loans that come with a lower interest rate. So, in a way it acts as a sweet treat for the home buyers. But, for VA loan, you need funding fees.
- The Good Neighbour Next Door Loan: The US Department of Housing and Urban Development sponsors The Good Neighbour Next Door Loan. It offers a sort of housing aid for emergency medical technicians, the fire-fighters and the law enforcement officers.
- The Local First Time homebuyer Programs and Grants: To attract the new residents more, some cities and states offer the first-time homebuyer programs and grants. The home buyer grants need not be repaid and the loan is low interest loan backed by deferred repayment in order to cover the closing cost or down payment.
To know about the latest rules regarding Home Buyer Grants, you should check with your tax advisor. When you buy a home first time, get help from a real estate agent. Some programs also allow you to withdraw funds from RRSP or Registered Retirement Savings Program like RRSB Home Buyer’s Program.