Grants to Help You Buy Your First Home

by Leanne Beliveau 09/22/2019

The single most difficulty first-time homebuyers face is being able to save up the down payment. From student loans to medical bills; wanting to start a family or live in a more expensive city; coming up with those funds keeps many potential buyers out of the market.

In fact, if you don’t have your down payment saved up yet, you probably don’t think you can buy, but a recent report called the Realtors Confidence Index Survey Report claims that over eighty percent of first-time homebuying transactions take place with less than the common twenty-percent down payment.

Thankfully, there are programs out there just for you. These grants and funds may be just the boost you need. 

USDA Loans

If you’re interested in living in an area designated as rural, you may qualify for a home loan using a program set up by the Department of Agriculture. The USDA loans help low- and moderate-income buyers purchase homes in rural areas. While a down payment isn’t required, buyers must meet income eligibility requirements. They also must agree to live in the house as their primary residence. Specific addresses apply for these loan guarantees, so if you’re already looking at a rural home, double check the location to see if it qualifies.

National Homebuyers Fund

This non-profit corporation helps potential homebuyers with their down payment grants and closing costs, mortgage credits, energy efficiency financing, and other programs. To take advantage of these programs, the buyer must also qualify for FHA, VA, USDA, or conventional loans and be a low-to-moderate income earner. The program does not require that the buyer be a first-time homeowner so former homeowners who are looking to re-enter the market may qualify. Also, it’s FICO score and debt-to-income ratios are flexible.

HUD Neighbor Next Door

Purchasing a home through this program works to encourage buying in areas selected for renewal or revitalization. It provides funds for teachers, firefighters, law enforcement, and emergency medical technicians to purchase in these neighborhoods. This incentive is substantial, with up to fifty-percent reduction in the list price of an eligible home via a bid-selection process. 

If you’re interested in the HUD program and qualify in one of the public servant categories, contact a HUD-registered real estate broker for assistance. Or, contact your neighborhood real estate professional and ask about local programs in your area.

About the Author
Author

Leanne Beliveau

 

Enthusiasm, knowledge, and transparency are my aim when working with sellers and buyers. I am fortunate to be working as part of a team (The Bitt and Beliveau Team) with Bob Bittelari, who has 30 plus years experience in the business. It truly is an honor to have the support system that Berkshire Hathaway Commonwealth, and this partnership, provides. They are equally delighted to be working with someone like me who is attentive to her client’s needs and wants, has unlimited energy and the desire to get the job done in a proficient, prompt, and professional manner. I know our community, schools, and resources, especially those in Brighton where I was a resident for 10 years. I am passionate about finding buyers the right homes for them where they will build many wonderful memories. 

I obtained a BS in psychology from Endicott College, as well as an MA in psychology from Brandeis University. I have outstanding people skills, am goal oriented and I pride myself on exceptional communication. I have been a competitive gymnast and gymnastics judge and it is my goal to bring the organization and caring as a nanny and the focus as a gymnast to my real estate career. I also have a three year old daughter Bellamy, who is cute, but fast.