First-Time Home Buyer Grants - Quicken Loans Zing BlogAs my wife and I looked into buying our first home, we knew very little about the process. We were very worried about how we were going to make the money part of it work out for us, and poked around for information about any little thing that could help. Luckily, we came across information on programs that we were eligible for because we were first-time home buyers. First, we looked into loan options for first-time home buyers. But after weighing our options, we ended up deciding to apply for a first- time home buyer’s grant, and that was definitely the right decision for us!

According to Money-Zine.com, “First- time home buyer grants can be an important source of funding. Unlike a loan or mortgage, a grant does not have to be repaid. That means these programs are targeted to areas where the government wants to invest in the revitalization of a community. That makes these grants important to both the home buyer as well as the community.” Grants are gifts of money from governmental or private entities that, for the price of filling out some forms, is yours free and clear. There’s nothing like free money, am I right? Although most of the grants help with down payments or closing costs, there are also some programs that offer funds for other uses in the home buying process. The lack of repayment was one of the main reasons we settled on a grant.

A good place to start looking for grant assistance is with the United States government. Although the Department of Housing and Urban Development (HUD) does not give grants directly to individuals, they do give money to other organizations, and some of that money is targeted to first-time home buyers. A great resource whether you’re buying your first home or your tenth, the HUD website has a host of information to help you along the way of your home-buying journey.

A lot of the money that HUD gives away goes to support state and local home-buying programs. Although the programs can vary by state, all 50 states have grants to specifically help first-time home buyers. This assistance can filter down to even more localized governments. Since many counties and cities have grant programs, you should check with the community in which you’re looking to move in order to see what may be available.

Although buying your first home can be intimidating and seem costly, there’s help out there. Make sure you’re always asking your real estate agent and lender to make sure you’re getting all of the money available to you. But don’t be afraid to do a little investigating on your own; you never know what kind of free money is waiting for you to find it!

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This Post Has 16 Comments

  1. Hi my husband and I are looking to buy our first our we have 2 children and i was wondering about grants and things in Henderson County North Carolina. Thank You. RH

  2. Hello, I am a first time home buyer, I live in Ohio. I cant find any grants on HUDS website. (Grants.gov) Can you point me in tge right direction? There seems to be a lot of fraudulent websites out there.

  3. Hi, I live in Brevard County Florida and would like to know if there are any grants available for a first time home buyer? I qualified for a mortgage, but the home appraised for $4000 less than the sell price. What do I do? I do not have the extra $4000 to seal the deal.

    1. Hi Dannie:

      I’m going to connect you with a Home Loan Expert who can see if there are any grants available in Florida that you might qualify for to help you out. Thanks for reaching out!

      Kevin Graham

  4. I am not finding very many resources for first time home buyers. I am 29 my husband is 45 and this will be both of ours first home. We live in Hawaii where the rent rates are really high and currently pay $3000 per month. We also started our own business 3 years ago in which solely me and my husband own and operate. Even with that we can’t seem to scrape any finances together for a down payment or closing cost. I feel very discouraged in the American dream of owning a home, like i’m stuck in the mud paying someone else’s mortgage when I could afford my own but don’t have the means to pull ahead to save anything.

    1. Hello! Yes, unfortunately, the number of first-time home buyer grants has decreased over the years. You will likely have to come up with your down payment and closing costs the old-fashioned way. Having a stable budget is a good way to start saving, and you should definitely consider automating payments from your checking to your savings account. This way, you’ll be forced to save. You should also read this article about saving for a down payment.

  5. I want to buy small house in cash without obtaining any loan in Texas. I am first time buyer. Is First-time home buyer grants are still common now than they were a few years ago? I want to know if few still exist and if there are any such Federal or State web sites providing info on this issue/topic.!
    Thanks.

    1. Good morning, Abdulazizshaikh54. Unfortunately, first-time home-buying grants are much less common than they were right after the financial crisis. It looks like Texas still has a few options, but these require you to have a mortgage. Best of luck in your decision!

    1. Good morning, Dr. First-time home buyer grants are less common now than they were a few years ago, but a few still exist. Either way, mortgage interest rates are still low, so it’s a good time to get a home. I’m going to have a home loan expert look at some of the possible options for first-time home grants. They’ll send you and email and help you get started. Best of luck on your home-buying journey!

    1. Good news, Heather! Quicken Loans finances modular homes. I’m going to have a Home Loan Expert reach out to you to get some more information. Have a nice day!

    1. Good morning, Jermaine! Sadly, times are a changin’. Finding first-time home buyer grants is going to be much more difficult than it was a few years ago. There’s not a great deal of them out there. That being said, feel free to check out this link about the different grants happening from state to state. Who knows? You might get lucky! And when you’re ready to look for a mortgage, you should definitely check out Quicken Loans. Have a good one!

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