The idea of buying a home can seem out of reach. Luckily, you may be eligible to receive free money for housing that you will never have to pay back. There are thousands of grants that are accessible to help you afford a down payment on a new home.
Finding a grant is not difficult and neither is applying for one. All you need to know is how to find them and whether or not you qualify. Continue reading to learn more about housing grants that you may be able to qualify for.
There are many different types of state sponsored grants that provide free money to help you pay for your home. Similar financial housing assistance is also accessible through non-profit organizations and local municipalities like cities or counties.
Housing assistance grants usually help pay for the percentage of the home purchase price that is due up front, known as the down payment. For this reason, these types of housing grants are known as down payment assistance programs, or DPA.
DPAs are great if you meet the requirements for a home loan, but you are short on the amount of money you need to put toward a down payment. You can usually find a DPA by talking to a lender or meeting with you housing counselor.
You may also be able to find them by using resources provided by the U.S. Department of Housing and Urban Development (HUD). Some of these resources are available online.
- Programs that provide DPA are usually only for first-time home buyers although sometimes this extends to anyone who has not owned a home in the last three years.
- The goal of DPAs is to help people who are not high earners purchase a home. For this reason there are income requirements for these types of grants.
Make your dream of owning a home a reality by learning more about DPAs, or down payment assistance grants. Click to the next slide to learn the basics you need to know about DPAs, and find out how they can help you.