While many DPAs provide housing grants, that’s not always the case. Some housing assistance programs provide affordable loans instead of grants. These loans commonly include low to no interest, reducing the amount you’ll need to pay back the loan. Additionally, some of these loans have lengthy lending periods or may include loan forgiveness options. If your loan is forgiven, you will not be required to repay your housing grant. 

If you’d like to purchase a home, then don’t miss your chance to receive thousands in free housing assistance from federal, state, and local opportunities. To ensure that you receive all of the aid that you qualify for, it’s important to know the various types of housing grants that may be available to you. Keep in mind that many forms of housing grants fall into two categories: state-funded and non-profit grants. 

The Most Common Types of Housing Grants

State-funded grants are usually provided by the government to be distributed on state and local levels. Many of these grants are provided through housing finance agencies (HFAs). These grants are usually available to low-income households and families who are purchasing their first home, or otherwise still qualify as a first-time homebuyer. The amount you can receive through state-funded housing grants will generally vary from state to state or between communities. Additionally, awarded amounts may be income-based. That means that you may receive more assistance if you have a lower income. For example, a household that has an annual income of only $20,000 may be able to receive more free grant money than a household with an annual income of $40,000. 

Nonprofit Grants generally include housing grants that are available from non-profit organizations. These organizations may or may not receive funding from the government. The amount of money you can receive from a nonprofit housing grant and the eligibility requirements you must meet to qualify can vary significantly between grant programs. For example, some DPAs from nonprofit organizations may only be available to certain groups and populations, such as veterans, American Indians, senior citizens, or families with young children in the home. Other common qualifications include income guidelines and first-time homeownership statuses. 

While DPAs make up a large portion of the housing grants available to homebuyers, they’re not the only types of housing grants. On the next slide, you’ll learn about other forms of housing grants and the other ways you can get free money to help you purchase the home of your dreams.

By Admin