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Federal home grants: This time Uncle Sam opens ups his deep pockets and gives out thousands of home buying down payment assistance
dollars for you.
How’s that for a change?
This is NOT a gimmick!
There are thousands of free dollars in home buying down payment assistance: Would you qualify? Here are more details on how to claim your piece of the pie.
Every year the federal government allocates thousands of dollars to be distributed in the form of home buying down payment assistance.
This is free money that you will use to bust your bid to purchase your new home.
Grants are available in all fifty states from Alaska to Wyoming.
The 26 federal agencies offer over 1,000 grant programs annually in various categories. NOT all are home buying grants but they are there.
All grants that I know are available for low and mid income buyers, federal home grants are on exception.
They also have some other requisites that you need to be aware of – after all this is public money!
Please see below for details. Also please read my page “Home Grants”
Each state will have their own housing department or community affairs office that will coordinate the disbursing of these funds.
To make things more accessible, it more likely will be at city level that you will be dealing with – even that the funds will come from a federal home grant.
You just have to be in the look out. Call around. Talk with mortgage brokers and REALTORS® that would be involved with such programs.
I can guarantee you that is works: I am a real estate agent and I am always directing my buyers to be proactive with the opportunities available in Georgia, my home state.
It is not a bad site for you to start your quest to secure a home buying grant.
American Dream Downpayment Initiative (ADDI)
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003.
ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater.
ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula.
To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing.
A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance.
ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing.
Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.
For more info please click here: American Dream Downpayment Initiative (ADDI) website
State-By-State List of Homeownership Program Agencies:
Every state or territory has an agency with some form of home buying assistance. I have compiled the most current list - at the time of this publication.
Besides for the federal home grants we have seen here, there many others at every state and city level do your due diligence and I am quite sure you will be rewarded.
There is more info you might be interested in, do take a reading on these pages:
Federal home grants can – and perhaps should – be combined with local and state down payment assistance – check these inspiring fit on my “Grants Examples” page – please click here
This is but one of the home grants knowledge filled pages I have posted on my site! Please follow the links below to learn more about my other valuable additional home grants information:
JC Fagundes, Associate Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.