Federal Housing Grants

Does buying a home seem impossible? Federal Housing Grants may be the answer!

Buying a house is a lifetime goal for many people and their families. With the help from the countless federal housing grants available, some people are able to reach this goal and move forward building assets and equity with the purchase of a new home. The following are the two most common forms of federal housing grants and a brief description of the benefits and requirements for each.

Low Income Borrowers:

Low income borrowers can choose from many different types of federal housing grants. The grants available are not only for those who wish to buy a home, but also those who need to repair or renovate their home or need the initial down payment to enter the real-estate market. Some of the agencies which offer homeowners grants include the department of Housing and Urban Development, the Farmers Home Administration and the United States Rural Development Association.

All of these administrations and organizations can help low income families achieve their homeownership goals. However, grants for Hispanic home renters, which are available are “needs-based” and all eligible applicants must meet the application requirements to receive any form of grant.

Housing Assistance:

Housing assistance grants are quite different than other forms of financial aid or federal grants. With most grants a recipient is “gifted” a lump sum of money from the government that does not need to be paid back. Housing assistance differs in that it offers monetary assistance to all recipients monthly. Some recipients have a check sent to their landlord which covers a portion of their monthly rent, whereas others receive a monthly check to be used to pay utility bills. Housing assistance grants are issued and made available through the Housing and Urban Development office. There are plenty of first time home buyer programs.

Many families use these forms of federal housing grants as a stepping stone toward homeownership. To qualify for housing assistance a family must meet the income requirements set by HUD and show a certain level of commitment to improving their own financial situation.