San Diego, CA (PRWEB) May 18, 2014
LoanLove.com is a borrower advice website that is dedicated to helping home buyers to find loans that they will love. A recently featured guide on the website continues to help fulfill this goal by reviewing the options for grants for first time home buyers in 2014. With rising home prices making home ownership more a challenge to many potential buyers, this new guide can be just what those who are considering purchasing a house this year need in order to find their most affordable home financing options.
The Loan Love article titled “First Time Home Buyers Grants (Do They Exist?)” explains that while most first time home buyers may excitedly be focusing on finding the perfect property to live in, changing gear to pay more attention to their finances before looking for their dream home can really pay off. Some questions that the article suggests potential first time home buyers ask themselves are:
- “How much am I able to put into a down payment?
- Do I qualify for a VA loan?
- Could I qualify for a USDA Rural Development financing?
- Should I look into an FHA loan?
- Can I expect financial assistance from a family member?”
Another thing that home buyers should consider before starting their serious house hunting is whether there are first time home buyer grant programs in their area which they can take advantage of.
The Loan Love article then gives some information that can help when it comes to understanding first time home buyers grants. It says, “One of the first things to know about home buyer grant programs is that the federal government does not offer grants to individuals, at least not directly. Instead, the federal government works with non-profit organizations and local governments to provide financial assistance and related services. The amount of these grants you could be eligible for will vary, depending on where you reside as well as a number of other criteria. Grant programs are not meant to provide 100 percent financing, nor will they replace your need to quality for a home mortgage. Instead, grants and similar programs can provide some financial assistance to be used in conjunction with a mortgage loan.”
Loan Love explains more about what will usually be required of the borrower when using a home buyer grant program, then takes a look at some of these grants and incentive programs which may or may not be available depending on where the buyer plans to buy a home. Some of these grant programs for first time home buyers include:
- HOME Investments Partnership Program
- Individual Development Accounts
- Mortgage Credit Certificate Tax Credit Program
- Housing Voucher Program
- And other local home buyer programs
To find out more about these different grants for first time home buyers, click here to read the full guide at LoanLove.com.