Thousands of housing assistance programs provide funds to applicants who meet their requirements. The specific eligibility factors vary between grants, and applicants may be eligible for one and not another. Applicants should compare the eligibility factors of each grant since program requirements differ. Many times, income is a key component, and only applicants who earn less than a certain amount may qualify.
The qualifying monthly or annual income threshold can depend on the number of family members, the median household price for an area, and other conditions. Likewise, applicants may need to meet specific employment requirements, such as having a full-time job.
Housing assistance is usually available to first-time homebuyers. Nevertheless, those who have not purchased a home in the last three years may also qualify.
Applicants must meet the requirements for a mortgage to be considered for a housing grant. No one can receive housing assistance if they are unable to use it towards a mortgage.
This means that applicants need to meet the mortgage requirements of a lender, which often include:
- Having a good credit score.
- Having reliable employment.
- Being able to make the monthly payments.
The choice of houses can also influence a homeowner’s eligibility for both a mortgage and a grant. For instance, housing grants are usually not obtainable for vacation homes and investment properties.
In most cases, applicants must live in the home they intend to purchase. The home must be the buyer’s primary residence.
Since grants have different qualifications, it is important to search the thousands of programs to find one for which you are eligible. Check out the next slide to discover where to locate housing assistance.