Government Home Grants For First-Time Home Buyers
For First Time Home Buyers, American Dream Down Payment Act has made it lot easier to make their dream true of buying their own home. Let us learn more about these Government Grants…..You can Accept one of our "top picks" website to get Grant Money Opportunity Apply Today >>>>>>>>>Before Deadline !!

Government Grants For First-Time Home Buyers

A home is not just an investment but a personal joy and a stronghold that brings a sense of security to you and your family. The good news is that the American Government sanctions close to $200 million as grants every year for the coming four years to the low-income group who want to buy their first home. This certainly makes the castle in the sky inch closer for those who dream of buying their own home and are unable to do so because of the heavy initial down payments in the process.

Government Grants For First-Time Home Buyers
The Government has launched the American Dream Down Payment Initiative Grant for which it has tied up with banks to facilitate this process in order to boost the country’s economy by allowing more fluidity in loans to first time home buyers. One of the best things that have come out of this is that there is no window for getting cheated because the state and federal agencies are the most credible people you can literally speaking, bank on as compared to any realtor or predatory loan shark.

Now, not only has the problem with the initial finance been obliterated but the interest rates with banks are also touching rock bottom and all financial assistance professionals are urging you to benefit of this wonderful opportunity. Once you are in possession of your own home the equity in it can be the source of making the next down payment.

As this facility is not available to you if you are a first time home buyer as you don’t have any equity in property, the Federal Government has come up with this scheme of offering first time home buyer grants. Not only are these grants a boon to making the payment but are also immensely practical in closing the mortgage. In this case, even bad credit can’t be counted against you as you have not had in your own name any housing ownership within the last three years.

Tax Benefits
A substantial amount of tax savings can be generated through your mortgage interests too. If you are renting an apartment for a certain amount, the same amount when applied to your mortgage loan payment would result in a huge tax deduction as practically speaking, the preliminary mortgage payment is generally to cover up interest rather than actually paying off the loan and this interest is tax deductible. If you are in the conventional 28% tax bracket with all the normal expenditure, this deduction could cause a major dent in your annual savings.

There are absolutely no issues and hang-ups and the only quantifiable point is that your annual family income should meet the stipulated minimum in order to receive the grant, which is calculated on the basis of income v/s dependents, the location of the home etc. However, not every state in the USA is offering this kind of a grant yet, though it is still possible to obtain a grant through federal assistance. It is important to note that each state has its own set of rules and regulations that apply to the grant program as instigated by the state legislature.

Why is this Free Money?
The government is labeling this money as free money because as there are no interests or monthly payments to be made it is virtually free, these funds remain mute as a second mortgage until they are repaid. In other cases, they are simply forgiven like in the State of Wyoming; the government grant for first-time home buyers can be as high as $2,000 and is forgiven in the case that you reside in the house for a period of 30 years.

This differs in different states and some states offer a loan that turns into a grant after a certain period of time. Thus a loan calls for the amount to be repaid in installments even if it for a low interest rate. However this is only a qualifying process for the mortgage and in most cases you receive a percentage of the mortgage amount making it all very easy in the long run.

Unmasking the Grant availability
All this may be a little difficult to believe at first and reason dictates that this kind of money will be hard to obtain for the average seeker but in reality these grants are not highly advertised by the government and there are few sources that can give you the necessary data so the chances that you will have people queuing up outside these agencies and going away with pot loads of money is very, very slim. Most of these agencies have not exhausted their capacity which simply goes to say that there is money available for obtaining that grant.

Lastly, a home is definitely high on the list of safe investments into the future as the escalation of prices for properties is constantly on the rise owing to growing population and economy that gives way to inflation that causes real estate investments to be stable if not a climber. Now is the best time to take advantage of the extremely low interest rates and make good your dream of owning your home.

By Jayashree Pakhare


Friday, August 27, 2010

Getting a First Time Home Buyer Grant - Free Cash to Help With Closing Costs

Getting a First Time Home Buyer Grant - Free Cash to Help With Closing Costs

Did you know that as a first time home buyer you may be eligible to procure being tremendously as $15,000 in free buy chief? These are funds provided by government and private organizations that succour enhanced home owners make what power mean the biggest purchase of their vim. By applying for these programs, persons can wind up the important they fascination to loot in that closing costs or a down emolument on a new home, and the important never has to copy paid back. visit to - Grant Money Information

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Home Improvement Grants Are Free Money for Home Repairs

If you get a loan for home repairs, even if it has a really low interest rate or no interest at all, eventually you have to pay it back. While you can get a low interest loan from the government, there are also grants available if you meet the eligibility requirements; this is free money that is never required to be paid back.

Generally grants are available for people that are enduring some sort of hardship when they are in need of critical home repairs. There are many grants available; check with the U.S. government, state and local agencies and even private sources to see what may be available to you.

Be aware that while the Internet is a great place to get information, it is also a haven for scam artists. All too often advertisements pop up that offer to get you a home repair grant for just a small up front fee. Sometimes these programs offer you a list of grants, and other times they offer help applying for the grants, and for either service they will charge a fee. Remember, you should never pay for a grant or for applying to get a grant; so if someone is asking for money to help you get a grant, beware of a scam.

Where to Look for a Grant
With the advent of the Internet researching anything has gotten easier. You can check with the U.S. Department of Agriculture to find which grants may apply to your local area. They can also tell you the process required to qualify for the grant along with what eligibility requirements are involved.

Typical Covered Repairs
Another thing to keep in mind when you are asking for a government grant to cover a home repair, is that not all repairs are covered. Generally only repairs that are necessary to keep a home safe and habitable are covered by a government grant. This would include things like the repair or replacement of a roof, heating system, septic system, or plumbing repairs, structural repairs and mold removal. You may also be able to get a grant to weatherize your home or improve handicap accessibility.

The Process of Applying for a Grant
After you find a grant that you think will work for you and that you qualify for, you want to start your application process. If you are not sure how to begin, simply visit your local USDA office, or look for any state or federal agency. Any of them can help you step through the grant application process. You can also usually find the grant applications online, and this may be an easier way for you to apply. Make sure that you have your financial information available to include on the application, and it is also a good idea to have a professional bid of the repair that needs to be done on your home.

Lisa Jordan is a staff writer and specialist in designing traditional interiors with wall art and decor.

By Lisa Jordan