Get Free Money First Time Homebuyer Grant Programs
Types of First-Time Homebuyer Grants
There are several types of first-time homebuyer grants available, each catering to different needs and circumstances. Some common types include:
- Federal Grants: Programs like the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD) offer grants that can be used to cover down payments and closing costs. These programs prioritize low-to-moderate-income buyers and often provide additional resources to help navigate the homebuying process1.
- State and Local Grants: Many states and municipalities offer grants to encourage homeownership in specific areas. These grants may have unique eligibility requirements, such as purchasing in designated revitalization zones or meeting income thresholds. For instance, the California Housing Finance Agency provides down payment assistance programs that can be combined with other federal and state resources2.
- Non-Profit and Private Organization Grants: Organizations like Habitat for Humanity and various community development financial institutions (CDFIs) offer grants and low-interest loans to help first-time buyers. These programs often focus on assisting those who are underserved by traditional financial institutions3.