State housing authorities and nonprofit groups are a fantastic way to apply for housing grants you qualify for, including down payment assistance programs. However, DPAs are not the only type of housing grant your family may qualify for. Here’s a closer look at some of the other ways you can get cash assistance towards your housing costs. 

One of the most notable housing grants available is the Good Neighbor Next Door (GNND) program. This form of housing grant is provided by the United States Department of Housing and Urban Development (HUD) and reduces the cost of an HUD home by up to 50 percent. Generally, the amount for this housing grant far exceeds that of DPAs. You may qualify for the Good Neighbor Next Door program if you work in a position like an emergency medical technician, teacher, firefighter, or police officer. 

Other Ways You Can Get Cash Assistance Towards Housing Costs
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Additionally, you must use the home you purchase as your primary place of residence for a specified period. Finally, you must be willing to live within a “revitalization area,” neighborhoods that the government has designated as needing improvement or further development. The home that you purchase will also need to be an HUD home. An HUD home is a home that was previously guaranteed by the Federal Housing Administration (FHA), such as with an FHA loan, but was foreclosed on. However, these homes are usually in good repair, and are sold at the same qualities of a non-FHA home. 

Next, you can commonly find housing grants through mortgage lenders. These grants may include DPAs, aid for closing costs, and other types of grants. In some cases, these housing grants may initially start off as loans that can be forgiven if you meet specific guidelines, such as living within a home as your primary residence for a specified period. 

A good example of a mortgage lender housing grant is the NeighborhoodLIFT program. The NeighborhoodLIFT program is provided by Wells Fargo and offers interest-free down payment loans that are forgiven so long as a homebuyer meets additional requirements. These requirements include that the homeowner does not sell or refinance the property and that they avoid foreclosure or title transfers. Like the Good Neighbor Next Door program, the NeighborhoodLIFT requires homebuyers to live in certain areas in order to qualify. 

Always check a housing grant program’s eligibility requirements before you submit an application. Doing so will help you narrow down the programs you may qualify and help you save time on the application process.

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By Admin