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Lance Obermeyer

NMLS ID 237659

314-518-9711 financewithlance@gmail.com

If you want to buy a home but need financial help to cover the down payment and possibly closing costs, a first-time home buyer grant might provide the additional helpyou need. Agencies and local governments offer financial assistance for home buyers.

What is a first-time home buyer grant?

A grant is a gift of money to make it easier to pay the thousands of dollars needed for a down payment and loan closing costs. The financial assistance helps more people become homeowners. Some gifts never have to be repaid, while others are forgivable loans that are repaid when you refinance or sell the home. 

Each different grant has its own set of guidelines beginning with credit score minimums and income limits per household and area. Many have these additional requirements:

  • Occupy the home as a primary residence .
  • Have a low to moderate income.
  • Buy within purchase price limits.
  • Put up your own money, often $1,000 into the transaction.
  • Buy in a specific geographic location.
  • Take home buyer classes or participate in housing counseling
  • Most have a requirement to be in the home a specific length of time.

Find out what is available in your area from your Mortgage Loan Originator and see which Homebuyer you may qualify for. Also, some of these grants no longer require you to be a first time home buyer, but you cannot currently own a home.

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