While homeownership is definitely an American dream, there are some barriers that may prevent one from purchasing a home. With the rising costs, down payment requirements, affordability, and other factors, the path to homeownership may often be delayed.
But there are programs to help you to reach your American dream, whether you are a future homeowner are seeking home improvement grants!
For Firefighters, Emergency Personnel, and Teachers
HUD’s Good Neighbor Next Door Program allows teachers, law enforcement officers, firefighters and other professions to purchase properties at 50% off the listing price. While these properties are in certain areas, it allows for these individuals to obtain instant equity in their home. Purchasers are required to remain in the property for three years after purchase. For information of whom may qualify, click here.
For Down Payment Assistance
Whether you are a first-time homebuyer or have purchased a home before, there are many programs available to assist with down payment. For starters, potential homeowners should check with their state ’s or local housing finance authority. For a listing of your state’s housing finance authority, click here. For the city of New Orleans, visit the Finance Authority of New Orleans. Not only those these programs provide for assistance with down payment, some of these programs also provide for low-interest home loans as well. In order to qualify, potential homeowners must meet certain qualifications, such as income limitations.
Rural Home Improvement Grants
The USDA provides home improvement grants and loans to those seeking to modernize or improve their homes. The property must be within a certain area, unable to obtain affordable credit elsewhere, have a family income below 50% of the area median income and for grants be over the age of 62 years of age. Loans can be granted up to $20,000 and grants up to $7,500. In addition, qualified participants may be eligible to receive up to $27,500, to combine both a grant and loan. For more information, visit the USDA website.