Find Out About Grants for First Time Home Buyers


Local and government grants for first time home buyers help more families become homeowners.

Grants can serve to provide funds for several different home buyer-related expenses, including closing costs, down payments and other costs. 

Unlike a loan, first time home buyer grants do not generally need to be repaid. These grants can be an essential part of purchasing a home for low- and middle-income families, especially if a family has struggled to save for a down payment.

Down payment requirements can average between 10 and 20 percent of a home’s purchase price. For many, this is simply too high a cost to afford. 

By exploring grant options, you will provide yourself the opportunity to better prepare yourself for the purchase of a home as well as determine whether or not these grants will help you afford a home.

Becoming a homeowner is a significant investment and it is one that should be made with great care and consideration. 

How does a first time home buyer grant program work?   

First time home buyer grant programs provide qualifying families and individuals with funds that may be used towards the purchase of a home.

These funds do not need to be repaid, so long as they are allocated towards their intended purpose and all grant requirements are met. 

While each first time home buyer grant program is different, there is a limit to the amount of financial assistance that you can receive from each program. This amount may be percentage based or a set dollar amount.

However, there are several factors that will determine the actual amount that you may be awarded, including factors such as your income and the purchase price of the home. 

What expenses do first time home buyer grants pay for?

First time home buyer grants vary by the programs that provide them. Depending on the type of grant you qualify for, you may be able to allocate funds towards expenses such as: 

  • Closing costs.
  • Down payments. 
  • Renovations or repairs to a home that you are purchasing. 

Therefore, it is essential that you review each available grant program carefully to determine how the grant can benefit you.