San Diego, CA (PRWEB) May 04, 2014
LoanLove.com is a borrower advice website that is dedicated to helping borrowers find home loans that they will love. With first class information, valuable resources and connections to top rate industry professionals, the website has quickly become a trusted destination for current news and expert loan advice. Loan borrowers can now access top information on home grants with Loan Love’s new first time home buyers grants 2014 guide. In it, Loan Love answers all the questions loan borrowers may have on home buyer grants and offers some sound advice for those looking for their best home purchase financing options.
This new article, titled “First Time Home Buyers Grants (Do They Exist?)” starts off by saying: “First-time home buyers are often eager to find the perfect place to call their own. While it can be exciting to start focusing immediately on properties, it pays to get your financial house in order first. That means carefully considering all options for financing before beginning your serious house hunt.”
The article proceeds to raise questions first time home buyers may ask. “How much am I able put into a down payment? Should I look into an FHA loan?” The article addresses each of these questions throughout the article. One of the first things home buyers should be aware about home purchase grants for first timers is that the federal government does not offer grants to individuals, at least not in the direct sense. Grants are provided through non-profit organizations and the local government to allow financial support, and the amount of these grants will be based on criteria met. It is also important to note that loan borrowers seeking federal support on a home will most likely be required to take an educational counseling program in accordance with the US. Department of Housing and Urban Development (HUD).
Loan Love’s article then proceeds to examine the HOME program: “The HOME Investments Partnership Program, known simply as HOME, provides formula grants to states and municipalities that are used by communities, often in tandem with local nonprofit organizations. These grants are used to fund a variety of home-related endeavors, including purchasing, building and rehabilitating affordable housing for rent or ownership. They can also be used to provide direct assistance for low-income renters.”
Another alternative to first time home purchase grants that loan borrowers have is the Mortgage Credit Certificate (MCC) Tax Credit program. Although technically not a grant program, it does offer home buyers the option to diminish the potential federal income tax liability which can enable home buyers to save more money for when mortgage payments are due. This is a program used by many first time home buyers to convert their annual mortgage interest into a direct dollar-for-dollar tax credit ratio on tax returns.
One more option home buyers may want to consider as the Loan Love article suggests is Housing Choice Voucher Program. As the Loan Love article states: “Just as it does with its rental participants, HUD’s Housing Choice Voucher program provides monthly financial assistance, but rather than going toward rent, the assistance goes toward homeownership expenses. HUD provides authorization to state governments and public housing authorities to deliver the program to qualifying families.”
The options reviewed on the Loan Love article may prove helpful to first time home buyers, but these are just a few of the many options available. Attached to the article is a link that provides home buyers with information regarding different home buyer programs provided by the HUD. To view the link and to find out more about first time home buyer grants, please visit LoanLove.com for the complete article.