The best programs and grants when purchasing a home in 2016
Buying a home can be like going to the world’s worst amusement park. At times, it can be very exciting, but mostly you are stuck waiting in line and paying way too much for everything. There are so many things to you have to learn when buying a home. With so many people with their hands out looking for their dollar from you, it can be easy to miss the opportunities that are out there. There are many grants and programs on the federal and state levels. These are the best programs and grants for home buyers and homeowners that we could find.
- State Assistance Programs for Home Buyers. Depending on the state you live, there are many different grants and programs for first time home buyers, homeowners, and even those refinancing. Two good resources to find information by state are: HUD.gov and HSH.com.
- FHA loans. This is not just for first time home buyers. The federal Housing administration will guarantee some of your loan, which can aid in a lower down payment and can help you with the approval process. Look into FHA loans here.
- HUD’s Dollar Homes. While I have not seen any of these for $1 yet, there are some very cheap homes that come up on their website. Dollar Homes is a way for lower income families to purchase a foreclosed home for a discounted price.Look into the HUD’s Dollar Homes here.
- Good Neighbor Next Door Program. I really appreciate this one. For neighborhoods that are being revitalized, HUD offers 50% off a home for teachers, police officers, firefighters, and EMT’s. There are some great deals available here. Look into the Good Neighbor Next Door Program here.
- The VA home loans. The veteran’s administration offer assistance for those who are, or were, in the service. This assistance also extends to their families. Look into VA Home Loans here.
- The USDA Single Family Housing Program. You don’t have to be looking to by a farm to benefit from the United States Department of Agriculture housing program. This program helps families and first time home buyers purchase homes in rural areas with a 90% loan note guarantee. Look into the USDA Programs here.
- HUD home improvement and manufactured home program. If you are looking to fix up a home, look at the Title I home and property improvement loans. This program will insure a loan that is made to improve a property. Title I can also be used with the 203(k) Rehabilitation Mortgage. Look into the HUD home improvement programs here.
- USDA Single Family Housing Repair Loans and Grants. This program is also known as the Section 504 Home repair program. Under this program, they provide loans for low-income families to repair and modernize a home. They also offer grants to people over the age of 62. Look into the USDA Housing Repair programs here.
- The Energy Efficient Guide. This program can benefit anyone looking to buy, sell, or refinance. Making your home energy efficient will increase your resale value, lower your monthly bills, and put less strain on your heating and cooling units. By participating in the EEM, there are many benefits and you could potentially qualify for a larger loan.Look into the EEM Program here.
- Fannie Mae and Freddie Mac Options. Fannie Mae offers down payment programs along with other resources. Go to Fannie Mae and know your options here.