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How to Get First Time Homebuyer Grants

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In order to learn how to get first time homebuyer grants, it is essential that you review the common types of grants that you may qualify for. Each grant program is provided by a different entity, making application processes and eligibility requirements vary between programs. 

About the Good Neighbor Next Door Program

While not strictly a first time home buyer grant program, the Good Neighbor Next Door program can provide substantial discounts on the purchase of an HUD home.

This program is available in specific communities in a revitalization effort put forth by the U.S. Department of Housing and Urban Development (HUD). 

You must be willing to live on the property for at least 36 months (three years) and you must have a career in one of the following professions to qualify for a grant: 

  • Law enforcement. 
  • Firefighter. 
  • Emergency medical technicians (EMTs).
  • Teacher (pre-k through 12th grade). 

If qualified, this grant provides up to 50 percent off the price of an HUD home. 

About the National Homebuyer Fund (NHF)

The NHF offers a first time home buyer grant program that assists with down payments for a mortgage. This low-income assistance program provides qualifying applicants with up to five percent of a loan amount. For example, if the home you wanted to buy was $100,000, the NFH would provide $5,000. 

While most mortgages require a down payment of at least 10 percent, NHF provides invaluable assistance by cutting down the amount that prospective homeowner’s need to pay. 

About the First Home Club from Quontic Bank

In addition to seeking first time home buyer grants, it is worth taking the time to review programs that will help you save for a down payment.

First Home Club provides an attractive down payment program that provides you with four dollars for each dollar that you save (up to $7,500) towards a down payment. 

While this program can make it far easier for you to save for a down payment, the program is not without its downside. The program requires you to have a Quontic savings account and, to take advantage of the additional savings, you must have your mortgage funded by Quontic. 

About Local Grants for First Time Home Buyers

While there are few government grants for first time home buyers on a national level, local and community-based grant programs are often far more abundant.

Therefore, it is essential that you contact your local and state government agencies to determine what grant programs are offered within your area. Additionally, you can check with your local lenders for additional information on grants you may qualify for. 

How to Get Help Finding Local and Federal Government Grants for First Time Home Buyers

You can get help finding first time home buyer grants that you qualify for by contacting lenders within your local area. Often, speaking with a local lender can help you to find more grants than reviewing options on a national level.

Local lenders have likely worked with grant programs before and may know of additional programs that are offered within your community that you have not yet heard of.

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