First time home buyer grants help get more renters into homeownership by providing financial assistance towards closing costs, down payments and other fees.
As the name suggests, many of these programs are only available to first-time homebuyers who meet other eligibility requirements.
Each first time home buyer grant program will outline its own eligibility requirements and have specific application requirements. However, before learning about the grant programs that are available to your profession, it is essential to learn more about these types of grants. By gaining a better understanding of grant programs, you will know whether or not funds may need to be repaid and what assistance may be used for.
Below, you can learn more about homebuyer grant programs. You can also find information about popular grant programs that are available to professionals within specific career fields.
What are private and government grants for first time home buyers?
First time home buyer grants are financial assistance programs that provide aid to new homebuyers who qualify. These grants often make it easier for prospective buyers to afford a home.
While each grant program will have eligibility requirements that must be met, many of these programs have an income or profession-based criteria you need to meet to qualify for assistance.
Do private and federal government grants for first time home buyers need to be repaid?
First time home buyer grants generally do not need to be repaid. This is because they are not loans. However, if grant funds are misused or allocated to a purpose other than one they are intended for, the grant may be automatically converted into a loan that you would need to repay.
To avoid complications, it is essential that you learn more about a grant program before submitting an application. In doing so, you will know exactly what you may use the financial assistance towards if you are awarded one of the grants.
What can first time home buyer federal grants be used for?
Each first time home buyer grant program will outline the type of homebuyer assistance that is provided. Depending on the program that you qualify for, you may receive a grant towards:
- Closing costs.
- Down payment amounts.
- The purchase price of a home.
- Other homebuyer expenses and related fees.
How to Get a First Time Home Buyers Grant
In order to obtain funding opportunities, you will need to review the private and federal government grants for first time home buyers that are available to you. While few are offered on a federal level, you can find several grant programs for various professions through private businesses, nonprofit organizations and state and local programs.
When reviewing a grant program, it is important that you learn about:
- The eligibility requirements for the program, including income or profession-related qualifications.
- The expenses that awarded grants may be used towards.
- Post-award continued eligibility requirements, such as living within a home for a set period of time, when applicable.
In order to find profession-based grant programs you may qualify for, the internet is one of the best resources you can use. You can also contact your state municipal office and check with local mortgage lenders in your area to learn more about the grant opportunities that are available.
How to Get Help With These First Time Home Buyer Grants
If you are a professional looking for first time home buyer grants, then it is worth taking the time to review the eligibility requirements and benefits for the programs listed below. These programs offer some of the best savings opportunities to numerous professionals within specific career fields.
What is the Good Neighbor Next Door (GNND) Program?
The GNND program provides up to 50 percent off the purchase price of a HUD home to qualifying buyers. To be considered for benefits, you must be involved in one of the following professions:
- Law enforcement
- Teachers that work in pre-kindergarten through high school classrooms
- Emergency medical technicians (EMTs)
To qualify for the GNND discount, you must be employed on a full-time basis. Additionally, you must work in the area that you would like to purchase a home in.
You must also agree to live within the home you purchase with this discount for at least three years. Should you fail to do so, you will need to repay all or a portion of the discount you received on the purchase price of the home. The amount you owe would be prorated based upon the number of months you lived at the home.
What is the Nurse Next Door Program?
One of the best first time home buyer grants for medical professionals is the Nurse Next Door program. This grant program offers a maximum of $6,000, which recipients can use towards the purchase of a home.
Additionally, the program features down payment assistance for those who qualify. Down payment assistance can provide qualifying buyers with a maximum of $10,681.00 they can use towards a down payment on a home.
The Nurse Next Door program is available to multiple medical professionals, including:
- Those in nursing fields, including RNs, LPNs and NPs.
- Doctors, medical assistants and other medical staff.
- Specialists, including chiropractors and pharmacists.
To qualify for this form of financial assistance, you cannot own another home. Furthermore, the home you purchase must become your primary residence.
What is the Everyday Heroes Housing Assistance Fund (EHHAF)?
EHHAF strives to help qualifying homebuyers minimize out-of-pocket costs when purchasing a home. The organization negotiates concessions from the home’s seller to help with closing costs and other fees. Grants that are awarded through the EHHF never need to be repaid.
You may qualify for financial assistance through the EHHAF if you meet career-related eligibility requirements. Closing cost assistance is available to:
- Social workers.
- Nursing professionals.
- Law enforcement officials.
What is the Homes for Heroes Program?
Homes for Heroes is another assistance program that offers discounts on your realtor fee, inspection costs and closing-related expenses. Like all other first time home buyer grants, this grant program has several eligibility requirements that must be met to receive financial assistance. To qualify, you must:
- Be a healthcare professional.
- Be purchasing a home in Alaska, California, Hawaii or Massachusetts.
- Have a realtor or broker that is already an affiliate of the Homes for Heroes program.