The American Dream Down Payment Act authorizes $200 million in grant aid for each of the coming four years to low-income, first-time homebuyers. It certainly is a dream come true for many people who have harbored the fantasy of buying a home but were not able to get the cash for it.
It is a joint government and banking program to help people put together that initial down payment which is crucial in buying a home. Such ventures also uplift the economy of the country, when loans are more accessible to people and first time homebuyers.
Interest rates are hitting an all-time low, and assistance professionals are urging you to come forward and avail of this opportunity. Not only do these grants help in that down payment, but also are tremendously useful when closing the mortgage. The sooner you pay it off, the better. Even bad credit doesn?t go against you if you are a first-time homebuyer, in the sense that you haven?t had housing ownership in your name within the last three years.
Contribution requirements and seller necessities are not part of the deal. All that is needed is for your family income to meet the stipulated minimum. This might vary according to where you choose to buy your home, due to median income and the number of dependants that you might have. More dependants are required to qualify for the first time homebuyers? assistance program if you have a high income.
The government calls it "free money" because there is no interest charged and no monthly payments. These funds silently wait in the background as a second mortgage until it is repaid by selling the house itself or the government takes an action of forgiving the grant. But there are some programs that actually call for the funds to be repaid in monthly installments. This is a qualifying process for the mortgage initially.
Government Grants provides detailed information on Government Grants, Free Government Grants, Government Business Grants, Debt Relief Government Grants and more. Government Grants is affiliated with Federal Government Grants.
Article Source: http://EzineArticles.com/?expert=Eric_Morris
1 comments:
Getting positive with debt relief grants from the government is the way forward especially if you have no other choice left. Most amazingly is the fact that the government offers a wide range of grants depending on what you may be interested in. The debt relief grants being one of them. The best way forward is to check out the website and follow-up links that describes what you are looking for. The truth is you will get confused where to start. Other offers are available that are related to grants or businesses. This is a place where you would always want to come and visit while taking what interests you. Also a toll free number is provided for you specifically for what you are looking for to get more information, like for example the grants has a toll free grant infoline.
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