Federal Housing Grants

[latmck]

Hi, I don't know if this is the right board to ask this questions. My husband and I are talking about buying our first home in the near future (possible next yr). We are paying our debts off. Next month, we will pay our car off. I have been doing research about grants (federal, state, and county). I have found out that the county (gwinnett) and state (ga) have housing grant program. I did a little more research and found that if I work in education- there is a grant for that as well. (I am trying my best to get in higher edu since my youngest will be going to prek in Aug).

My question is: Do anybody know or have any information about federal housing grants for first time homebuyers. Somebody told me about NACA Housing Program but I am iffy about that program. I did my research on this program and don't think this is best for us.

 

[akcire]

The only housing grants I know about in my area are for cops or teachers who move into REALLY DANGEROUS housing. Think, bullet holes in the bricks. I don't need to save $$ at that risk.

 

[Darcy03231]

I've only heard of the ones like the PP mentioned. None of those are places where I would want to live, especially with children.

 

[latmck]

Thanks you guys...I can of figured that some of the federal grants are for inner cities. I will not live in the city of Atlanta even though dh use to work for the city. I will stick to the county grant since dh works for the county. I know the areas pretty well.

 

[stauncie]

not a grant, but for first time home buyers....NOT in a major metropolitan area.... seek out FMHA/USDA qualified homes. (This is NOT the same thing as an FHA loan, its totally different)

USDA Rural Housing Loans offer flexibility and great rates that most other loans cannot provide. These programs are tailored toward homebuyers who live in rural areas of the Country and who have limited funds or no money to put towards a down payment.

Rural Housing Loan Program Highlights:

Loans may be for up to 102% of the appraised value or sales price (whichever is lower). A one time 2% guarantee fee can be included in the loan which is how the loan can go up to 102%. This feature allows buyers to finance this expense into the loan amount versus paying it out of pocket.

No PMI (private mortgage insurance)

Secure, fixed-rate 30 year mortgages

Sellers can assist with paying the buyer’s closing costs & repairs to the property

Little cash reserves needed for qualified borrowers

New and Existing homes qual

No Cash reserves required

No stated maximum loan amount; maximum loan based on repayment ability

No Prepayment penalty

Subsidized Funds for low income



if you have a house you are looking at... as a realtor if it is FMHA qualified.
To qualify the house has to be in 'good repair'

http://www.rurdev.usda.gov/rhs/

 

[undertheradar]

OP, are you serious? You have a WDW trip planned for May and you are looking for "handout" money for a home purchase?

 

[HouseofMinnie]

I have a USDA guaranteed loan. My mortgage is for 33 years and very low interest rate. Rural doesn't always mean in the woods. It goes by population. I live in a nice town, in a nice, newish (6-7 year old) subdivision. I went through the whole process on my own. No realtor, nothing. I got to pick the lot I wanted and be in the decision making of building a brand new house. No money down. I did have to pay $500 earnest money to the builders, but that went toward my closing cost which at closing went toward the first year insurance premium. I had to get a cashier check for less than $70 to cover the rest. A very good program and loan. The people I worked with were great. The process does take time, but it's worth it.

HTH

 

[latmck]

OP, are you serious? You have a WDW trip planned for May and you are looking for "handout" money for a home purchase?

Yes, I am serious. I have a possible trip planned, and I don't know if my family will be taking a trip to disney world or not. We don't take vacation at all. Last yr was the first time that we took a family vacation a month after my mother passed away in a tornado in MS. For your info....Thank you for your flaming which is not needed.

 

[latmck]

not a grant, but for first time home buyers....NOT in a major metropolitan area.... seek out FMHA/USDA qualified homes. (This is NOT the same thing as an FHA loan, its totally different)

USDA Rural Housing Loans offer flexibility and great rates that most other loans cannot provide. These programs are tailored toward homebuyers who live in rural areas of the Country and who have limited funds or no money to put towards a down payment.

Rural Housing Loan Program Highlights:

Loans may be for up to 102% of the appraised value or sales price (whichever is lower). A one time 2% guarantee fee can be included in the loan which is how the loan can go up to 102%. This feature allows buyers to finance this expense into the loan amount versus paying it out of pocket.

No PMI (private mortgage insurance)

Secure, fixed-rate 30 year mortgages

Sellers can assist with paying the buyer’s closing costs & repairs to the property

Little cash reserves needed for qualified borrowers

New and Existing homes qual

No Cash reserves required

No stated maximum loan amount; maximum loan based on repayment ability

No Prepayment penalty

Subsidized Funds for low income



if you have a house you are looking at... as a realtor if it is FMHA qualified.
To qualify the house has to be in 'good repair'

http://www.rurdev.usda.gov/rhs/

Thank you, I will check this out.

 

[latmck]

I have a USDA guaranteed loan. My mortgage is for 33 years and very low interest rate. Rural doesn't always mean in the woods. It goes by population. I live in a nice town, in a nice, newish (6-7 year old) subdivision. I went through the whole process on my own. No realtor, nothing. I got to pick the lot I wanted and be in the decision making of building a brand new house. No money down. I did have to pay $500 earnest money to the builders, but that went toward my closing cost which at closing went toward the first year insurance premium. I had to get a cashier check for less than $70 to cover the rest. A very good program and loan. The people I worked with were great. The process does take time, but it's worth it.

HTH

Thank you very much. A friend of mine from MS was telling me about this. I will check it out. Thanks again. I see that you are from the Gulf Coast of AL. I have fam from there and the Gulf Coast of MS.

 

[DisCookie]

OP, are you serious? You have a WDW trip planned for May and you are looking for "handout" money for a home purchase?

That is a little uncalled for. There are programs that exist, be it for the right reasons or not, to help home buyers. And they generally are not just free money, but rather low interest loans or deferred payment (like when selling the house or maybe forgiveness after 10-20 years).

 

[latmck]

That is a little uncalled for. There are programs that exist, be it for the right reasons or not, to help home buyers. And they generally are not just free money, but rather low interest loans or deferred payment (like when selling the house or maybe forgiveness after 10-20 years).

I know that are programs out there to help home buyers. That is the reason why I asked on this board. Hopefully, some will know or point me in the right directions which a couple has done just that. I will appreciate the help. I am not going to let somebody discourage me from looking for grants (federal, state, or local) cause there are out there. Also, I would like to do more research and stay on top of our credit prior to purchasing a home. I am going to attend a housing counseling workshop to get more info. I am not looking for a free money but low interest loans like you said. Thank you for pointing this out to some that thinks me and others want a 'hand out' or 'free money'.

 

[undertheradar]

That is a little uncalled for. There are programs that exist, be it for the right reasons or not, to help home buyers. And they generally are not just free money, but rather low interest loans or deferred payment (like when selling the house or maybe forgiveness after 10-20 years).

To be honest, our economy is a wreck because there was too much money lent to people who were unable to pay. While the programs in question are supposed to assist first time home buyers, I find it ridiculous that the OP would like assistance with downpayment, without having to give up something like a WDW vacation to be able towards downpayment. We each have our own opinions, I expressed mine.

 

[undertheradar]

Yes, I am serious. I have a possible trip planned, and I don't know if my family will be taking a trip to disney world or not. We don't take vacation at all. Last yr was the first time that we took a family vacation a month after my mother passed away in a tornado in MS. For your info....Thank you for your flaming which is not needed.

I am serious as well. I live in California and our property values were run up by the number of buyers who could not afford the homes they bought. My family would love to go on a vacation but we can't afford them either. We do have a mortgage and saved for several years to put together a downpayment. As for looking for lower rates, how much lower are you thinking you can get when rates are down near 3%? There isn't really much further they can go.

 

[latmck]

To be honest, our economy is a wreck because there was too much money lent to people who were unable to pay. While the programs in question are supposed to assist first time home buyers, I find it ridiculous that the OP would like assistance with downpayment, without having to give up something like a WDW vacation to be able towards downpayment. We each have our own opinions, I expressed mine.

I didn't asked about a down payment programs. Yes, you are right about they are very low right now. There are grants for law enforcements and educators that I just find out that helps with closing cost and etc. I also said that we are waiting about a yr or two. There are programs that you don't have to put a down payment but earnest money like the other poster said. I have learned a lot by talking to our bank.
If you have read other posts, I said that it is a slim chance if my family will go on to disney. And yes, you can express your opinion. I appreciate that. Be Bless!!!

 

[DisCookie]

To be honest, our economy is a wreck because there was too much money lent to people who were unable to pay. While the programs in question are supposed to assist first time home buyers, I find it ridiculous that the OP would like assistance with downpayment, without having to give up something like a WDW vacation to be able towards downpayment. We each have our own opinions, I expressed mine.

I definitely agree with some of the same sentiment there, but if I were buying a home now, I wouldn't turn down one of those programs if I qualified. I would not throw away my money just because I had it.

 

[undertheradar]

I would be trying to buy while the rates are low and forget about vacations and such. The grant programs in our county had so many restrictions on them and then the areas they were limited to were high crime. You will probably find better options via FHA loans.

 

[latmck]

To be honest, our economy is a wreck because there was too much money lent to people who were unable to pay. While the programs in question are supposed to assist first time home buyers, I find it ridiculous that the OP would like assistance with downpayment, without having to give up something like a WDW vacation to be able towards downpayment. We each have our own opinions, I expressed mine.

I agree with you about too much money were lent to peope who were unable to pay. I have known several people that jump on this wagon but I don't want to be that one person. I want to do my research first. Believe it or not, there are programs out there. I found out today that our county purchase foreclose homes (in suburan area) and flip them. These houses were built in the last five yrs. I am trying to be cautions and see what is offered. Like I said, disney vacation may not happen for us cause I have a lot going on besides purchasing a home. Thanks for your opinion....Be Blessed~

 

[latmck]

I would be trying to buy while the rates are low and forget about vacations and such. The grant programs in our county had so many restrictions on them and then the areas they were limited to were high crime. You will probably find better options via FHA loans.

Thanks about suggesting FHA loan. I looked at that but will research more & talk to HUB about it.