1st Time Home Buyer Grant - What is it? How Does it Work?

A true 1st time home buyer grant although hard to find, is better than the down payment assistance programs out there. Why? Simple really. You do not have to pay them back.

The seller is not required to make a contribution to any charities.

Save yourself the money and do not buy all the various books, etc that are marketed on the Internet and in the book stores. The Mortgage Doctor has provided you all the information you need FREE right here on the this website.

Please consider filling out the form below to gain access to our private section of this website where you will have access to all the HUD approved agencies in the USA. You'll be able to find out what's available to you in your local area.

I do want you to know that patience is needed. The Federal Government allocates money to these agencies each year. When the money runs out, you have to wait until next year. Although 1st time home buyer grant money each year numbers into the billions, it does get used up fairly quickly. The agencies will lose the funds for the next year if they do not use them up so be sure to get in early.

Normally these programs use what's called a "silent second or soft second" on your home. Allowed by HUD the agency will put a second lien on your home with some conditions attached. Typically these conditions are spelled out in the application process for the 1st time home buyer grant.

Normally you do not have to make monthly payments for these grants. However, each program is different so be sure to get all the details.

Now why would you want to use a 1st time home buyer grant? Well the obvious reason is that it's free money. If you need and qualify for one of these programs, then go for it. However, if you do not, then the down payment assistance program may be for you.

You really need a good loan officer that knows how to work with these programs. The Mortgage Doctor is happy to help along this way, just email any questions or concerns you have while you work with your loan officer. If you want me to help you find a qualified loan officer, just email me and I'll give you the ones I've worked with. They are very good!!!

The main thing is your income. This is the requirement that you must meet first. As a warning, the income limitations are set rather low, however, once again this varies by state and county.

Feel free to fill out the simple form below and The Mortgage Doctor will help you find the remedy. Finding a 1st time home buyer grant is not easy. However you have before you all the tools you need to do so.

Or if you want to learn more about first time home buyer loans visit our home page.

Return to our Home Page First Time Home Buyer or return to Free Home Buyer Grants.