Buying A Home
JNCPro3130
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Down Payment Grants?
Hello everyone!
I was talking to my step mother about the process of buying a house. My husband and I have a very specific budget and are working to save for a down payment on a house. She suggested looking into Down Payment Grants. She was a Realtor and she often tried to get grants for people.
Has anyone looked into or gotten one of these? If so, where did you look? It kind of seems like one of those too good to be true scenarios.
Thanks!
Re: Down Payment Grants?
I actually did get one once, but it was in 2007.
The city I was living in had partnered with a developer to build new condos and designate half as "low income" and half regular sale. The city arranged for various forms of assistance and I took them up several down payment grants and a silent second. Just like most real estate purchases at the time, it turned out to be a pretty bad decision, but at least I minimized my loss with those grants.
I was young and dumb and had no idea where the grants actually came from.
It's possible that there are still some grants out there, but I imagine they are few and far between. Maybe connect with a mortgage broker to see if they know of any? Or call your local city/county/housing authority.
Google the names of your city/county/state with "down payment" and see what comes up. You can also call your housing commission.
There are typically income restrictions and requirements for attending seminars to prepare you for home ownership. I looked into them in our area, but we made too much to qualify -- I think it had to be a certain % below the median income for the area.
http://www.hud.gov/buying/localbuying.cfm