Not all DPAs distribute grants. Instead some of these housing assistance programs provide loans. While these loans are usually low- or no- interest, you will usually have to pay them back, although sometimes they may be forgiven. You will never have to pay back grant money.
Don’t miss out on your chance to receive thousands of dollars in free housing assistance from the government. Discover the different types of housing grants that could be available to you. First, keep in mind that most down payment assistance money can be separate into two categories: state-funded grants and nonprofit grants.
State funded grants: Most DPA grants are funded by the federal government and distributed through local state and area housing finance agencies (HFAs).
These state grants are usually only available for low income earners who are buying a home for the first time.
The amount of money awarded through these grants will vary from state to state.
Nonprofit grants: There are many not-for-profit organizations that also distribute DPAs. The requirements and the amount of money available for these grants are up to each non-profit to decide.
Some non-profit funded DPAs may only be available for certain populations, for example veterans or American Indians. Other non-profits might offer grants that are similar to most state funded DPAs in that you just have to meet a certain level of income and be a first-time homeowner to qualify.
There are more providers of DPA grants. Find out even more ways to get free money to help you purchase a home.