Recent statistics show a gradual fall in homeownership in America, which is most likely owing to the expenditures associated with purchasing your first house. In 2004, more than 69 percent of people held their own homes, but 13 years later, the occupants owned 64 percent of households. The government is clearly aware of the situation because it has developed a variety of grants for buying a home. The average home buyer in the United States saves for a down payment for seven years. That's a long time to wait to buy a home, especially because life gets more expensive and rents rise every year.

Government programs for buying a home

Here, Learn about government initiatives that make buying a home easier. If you qualify, the Department of Housing and Urban Development (HUD) and other government organizations provide a range of grants for buying a home that may be able to help you purchase a home:

FHA Loans and HUD Homes

If you're looking to buy a home, the Department of Housing and Urban Development (HUD) offers two programs that can assist make the process more inexpensive.

The FHA lending program is managed by the Federal Housing Administration (FHA). If you are a first-time home buyer, this may be a decent mortgage option because the restrictions are not as stringent as for other loans. The down payment and closing charges are also minimal. The Federal Housing Administration (FHA), a division of HUD, guarantees mortgages, making them more affordable to prospective homeowners. HUD properties are also available for purchase through the FHA. 

Homeownership Vouchers

Subsidies are provided to public housing residents and individuals with low income who are first-time homeowners through the program. Contact your local Public Housing Agency for further information about this program (PHA).

Indian Home Loan Guarantee Program

The Section 184 program is a house mortgage developed exclusively for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities.

Service Members and Veterans' Programs for Buying a House

The Department of Veterans Affairs (VA) provides home financing programs for veterans and active duty military personnel.

Rural Residents' grants for buying a home

Local Rural Development (RD) offices of the United States Department of Agriculture (USDA) can give information about single-family housing initiatives for rural populations.

State grants for buying a home 

For information on specific programs managed by your state and properties available in your area, contact your state housing finance agency or state HUD office.

In addition to all of the programs, HUD funds certified housing counseling agencies across the country that can offer guidance on a variety of housing-related matters, including home buying. Find one in your state!

Foreclosure Properties 

If you're interested in a foreclosure-related property, contact a registered real estate agent who can tell you when it might be available for purchase. Don't worry. No matter where you are in the process of purchasing a property, the concierge staff at REALIFF will be able to link you with local real estate experts who can assist you in buying the home of your dreams! 

Frequently Asked Questions about grants for buying a home

Here are some inquiries that are usually asked by prospective home buyers related to grants for buying a home.

Am I eligible for an FHA loan? 

You must be approved for a loan through an FHA-qualified lender. In general, you don't need a good credit score.

The cost of the home you want to cover must fall under the loan maximum for an FHA home in the area.

How do I apply for an FHA loan? 

The FHA does not make loans to individuals. It protects FHA-approved lenders' mortgage loans from default. You must use an FHA-approved lender to apply for an FHA-insured loan.

How do I complain about an FHA loan? 

Contact the FHA Resource Center if you have a complaint regarding an FHA loan program. 

What is REO Properties Meaning? 

Because HUD oversees the FHA loan program, when homeowners default on their FHA loan, HUD takes ownership of the property. These are known as HUD residences or HUD real estate-owned (REO) properties.

Am I eligible to buy a HUD home?

Your eligibility to purchase a HUD house is determined by your credit score, ability to obtain a mortgage, and the amount of your cash down payment. A HUD home can also be purchased with an FHA-insured mortgage.

How do I apply for a HUD home?

Find listings of HUD real estate-owned (REO) properties for sale on the HUDHomestore.

Where do I call for extra help with a HUD home?

If you have a query or need more information regarding FHA loans or HUD properties, or other possible grants for buying a home, contact the FHA Resource Center by email or phone.

Homeowner Voucher Program

If you have a low income and are looking for assistance in purchasing your first home, the Department of Housing and Urban Development's (HUD) Housing Choice Voucher homeownership program may be able to assist you.

You must also:

As specified by HUD, you must be a first-time buyer.

Meet the local public housing authority's minimal income criteria (PHA)

Have at least one adult working full-time for a minimum of one year.

Complete a housing counseling and homeownership program.

How to Apply for a Housing Choice Voucher?

Please get in touch with your local PHA. You can contact HUD's PIH Customer Service Center if it does not have a homeownership program.

How to File a Housing-Related Complaint?

Submit a complaint to the Consumer Financial Protection Bureau if you believe a lender is discriminating against you.

You can also submit a complaint with HUD about housing discrimination.

More Information About Housing Choice Vouchers

You will not be able to use the program for your future purchase if you have sold your house. Housing Choice Vouchers are intended for first-time home buyers.

When applying for a house loan, you are not forced to work with a certain real estate agent or lender.

What Is a First-Time Home Buyer Grant? 

A first-time home buyer program is a type of grant for buying a home that is aimed to produce new homeowners around the country. Local, state, and federal governments make grants, as do charity and housing foundations nationwide. Grants do not need repayment because the grantee delivers a public service. That public good is homeownership for first-time house buyers.

All in all, there are various types of grants for buying a home since homeownership is the foundation of the American economy because of homeowners:

• Stabilize neighborhoods of all shapes
• Increase prosperity within all communities
• Build generational wealth within families

Along with all mentioned programs, during the home buying process through a REALIFF real estate agent, you would enjoy a cash-back reimbursement of up to 2% of the purchase price!