First Time Home Buyer Grants
There are first time home buyer grants available for renters to purchase foreclosed homes. For example, in Broward County, Florida, cities received millions of federal dollars. Some cities are buying foreclosed properties and fixing them up to sell or rent. Others are providing grants to low- and moderate-income home buyers to use toward down payments and repairs on foreclosed homes they purchase.
To qualify for a grant, the home, condo, town house or villa must be in the target area designated by that city; it must be a foreclosed property or one in the process of foreclosure; and a buyer must attend a home-buyer counseling course paid for by the program before purchasing a home.
Additionally, there are income restrictions. Buyers cannot earn more than 120 percent of Broward County’s annual median income to be considered. For a family of four in Broward, that’s $91,800 a year; for an individual, it’s $64,250. Some properties will be reserved for families earning as little as $38,250 and individuals making $26,800.
The down payment and repair assistance comes in the form of a forgivable no-interest loan that doesn’t have to be paid back as long as the buyer lives in the house for a certain number of years, which varies by city. The range is typically between 5 and 15 years. The grant amount for down payments and repairs varies by city. Also, some cities set a maximum purchase price for a home to be eligible for a grant, say at $250,000, but other cities don’t have that limit.
Related posts:
- First Time Home Buyer Assistance
- Home Buyer Grant Available
- Grants for Home Buyers
- Downpayment Assistance
- Downpayment Grants
