What Are the Different Government Grants for First-Time Home Buyers?
Government grants for first-time home buyers provide financial support for people purchasing a home. Financial support typically covers down payment costs, closing costs, or a reduction in mortgage loan interest rates. Some programs are available only to low-income households, while others provide support for buyers choosing property in developing areas.
Government grants for first-time home buyers provide financial support for people purchasing a home. Financial support typically covers down payment costs, closing costs, or a reduction in mortgage loan interest rates. Some programs are available only to low-income households, while others provide support for buyers choosing property in developing areas. In the United States, the American Dream Down Payment Act provides money to state and local housing authorities for qualifying buyers. These government grants for first-time home buyers provide money to the buyer to use as a down payment on a home. In order to be eligible, income restrictions may need to be met by the purchaser, in addition to qualifications based on previous home ownership. Being a first-time home buyer can sometimes mean that a minimum of three years has passed since a person has bought a home.
