Government Grants for Buying Homes

Many government grants for home purchases have very specific qualifications. For example, grants are available for those who work serving the community, those in public housing and Native Americans.

First-Time Homebuyers

Many government housing grant programs have a first-time homebuyer requirement. This typically means people must not have owned a home in the past three years to be eligible.

Revitalization Areas

Often, grants provide money to buy houses in designated revitalization areas. These areas generally have a low home-ownership rate and low median income.

Good Neighbor

The Good Neighbor Next Door program provides houses at a 50 percent discount to law enforcement, fire fighters, teachers and emergency medical personnel.

Favorable Loans

If you do not qualify for a grant, government sponsored loan programs, like the Veterans Administration Loan Guaranty program, can significantly reduce your costs through lower interest rates and low to no down payment or no closing costs.

Considerations

You can begin your search for government grants for buying homes by contacting a Housing and Urban Development representative, or by logging on to Grants.gov and searching their housing section.

References

• HUD: Buying A Home