Grants Seekers (Individuals: (First Time) Homebuyers)

Grants Seekers (Individuals: (First Time) Homebuyers)
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Things you should know when applying for an Individual (homebuyer) grant:

1. Grants are free (and do NOT have to be paid back, ever)! A grant is NOT like a loan; Don’t confuse a grant with a loan or a re-finance or a reverse mortgage (scam) type program.

2. Grants take TIME. Apply early; The earlier the better (and for those looking to buy a home, applying for a homebuyers grant at least six-months-to-one-year in advance is best).

3. Apply for a grant in the BOTH the city AND state in which you plan to buy or have recently purchased/built your home.

4. The more recent the purchase the better. While there are grants programs for existing homeowners who have owned their home for longer periods, homeownership of less than 5years is critical to maximizing your grants application eligibility (however less than one year is ideal in such cases).

5. When applying for a homebuyer grant and/or homeowner’s grant, apply for all grants available to you relevant to your particular circumstance (i.e., first time home buyer, first time women homebuyers, current home owners (owned the home for less than 1year), current home owners (owned the home for less than 4years), etc…

6. Foreclosure, Foreclosure, Foreclosure! Think Bank Owned Foreclosure (i.e., maximize your grants potential). Buying a bank owned foreclosure gives you two advantages in the grants application process; 1)/First- You are more likely to receive a grant in less than one year from the time you apply, and 2)/Second- Taking advantage of bank owned foreclosure properties will save you a ton of money that you can apply towards your tax-equity as well as also lowering your mortgage, not to mention that you increase the chances of finding a newer construction (less than 5years old) at a significantly reduced price (upwards of 50%-90%less than cost and/or re-sale value) as well as increasing the chances of finding a suitable property that you may possibly be able to buy outright/upfront, regardless of how long it takes for your grants application(s) request(s) to be processed. It also shows granting agencies that you are investing in the existing market (also to your advantage in the application process).

For More Homebuyers/Homeowners (Grants) Information:

http://www.hud.gov
http://www.grants.gov

First Time Homebuyers.com
http://www.first-time-home-buyer-s.com/first_time_home_buyer_grants.htm

Money Management International (866-889-9347) (A HUD approved agency)
http://www.moneymanagement.org/Services/Foreclosure-Prevention.aspx

National Trust for historic Preservation (202-588-6000 :: 800-944-6847)
A/n (Historic) Homeownership Preservation Resource
http://www.preservationnation.org/resources/historic-homeowners.html

Home Ownership Preservation Foundation (888-995-HOPE)
http://www.995hope.org/

http://www.homeownershippreservation.com/

Enclosures: JJFGroup

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