The Good Neighbor Next Door (GNND) grant is one of the biggest available. The GNND grant cuts the list price in half, meaning eligible applicants will only need to pay half of the purchase price. However, only those in certain professions qualify. Some of these workers include kindergarten through 12th-grade teachers, firefighters, police officers, and emergency medical technicians.
Qualified home buyers must choose a home in a “revitalization area” and live there for a minimum of three years. The government designated revitalization areas that need further development and improvement.
Wells Fargo has a similar program – NeighborhoodLIFT – that provides eligible homebuyers with forgivable interest-free down payment loans. The bank will give prospective buyers funds for a down payment to help them purchase a home that is in a designated NeighborhoodLIFT location.
Buyers will not need to make monthly payments provided they live at the property for a minimum of five years. Should homeowners sell, refinance, or go into foreclosure, they will need to pay back the loan.
Prospective homebuyers will need to go through HUD-approved homebuyer education. They can finance their home with Wells Fargo or another NeighborhoodLIFT-approved lender.
Bank of America also has housing grants through its America’s Home Grant and Down Payment Grant programs. However, the programs are not available in every state.
The America’s Home Grant program gives qualified buyers a credit up to $7,500 for closing costs. Homebuyers must be occupants of the home that is in a certain area.
The Down Payment Grant program gives buyers up to $10,000 to put towards the down payment. Like the other program, buyers must be occupants of the home that is in a specific area.