Apply for Minority Women Grants

Apply for Minority Women Grants
Nowadays, there are many government and private entities who offer minority women business grants to start their own businesses...If women decide on starting their own businesses, they normally approach their friends or relatives for loans, or try to obtain commercial loans from banks. For women falling in the minority category such as Asian, Spanish-American, or African-American who want to start businesses, there is a special benefit set aside known as minority women business grants. Apply Grants!!

Tuesday, 15 May 2012

First-time Home Buyers Government Grants For Minorities-Free Housing Grants For Minorities

First-time Home Buyers Government Grants For Minorities-Free Housing Grants For Minorities
A home is not just an investment but a personal joy and a stronghold that brings a sense of security to you and your family. Buying a home remains a dream for many, who fail to gather enough finances for the same. The good news is that there are various types of government grants for first-time home buyers. This includes the American Dream Down Payment Initiative, which was introduced in 2003. Apart from the grant programs of the U.S. Department of Housing and Urban Development (HUD), you may also apply for programs initiated by the states, local authorities and organizations, so as to help first-time home buyers in their territory. Scroll down to learn more about government grants for first-time home buyers.
More about Government Grants For First-time Home Buyers
So, there are various types of government grants for first-time home buyers. Though the programs have been developed by HUD, the department does not allot these grants directly. This is done through the local governments and non-profit organizations. The following are some basic facts about first-time house buyer grants offered by the government.
First of all, you have to understand that these grants are not loans, but is government assistance for the development of the community in general. So, grants offered by the government for first-time home buyers are not to be repaid.
No such grant program will provide you with 100% finance assistance for buying a house. In other words, none of these programs will offer you 100% cost of the house. In fact, most of these grants cover only less than 10% of the cost of the house.
Another important point to note is that these grants will only be available for those, who are eligible for a mortgage.
It is mandatory to attend the HUD-approved housing counseling class, so as to qualify for grants offered by these programs. Apart from enhancing your knowledge about finances and home-buying, such classes may also help you find ways to qualify for a mortgage.
A first-time home buyer is a person, who buys the principal home or residence for the first time or the person has not owned (wholly or partly) a principal residence for the past three years (ending on the date of purchase of the new one). If he/she is married, these terms are applicable for the spouse too.
Even single parents without any permanent residence (even if they had owned a house, along with his/her spouse, during their marriage), is eligible for this grant. This term covers displaced homemakers too. Those with homes that are not attached to a permanent foundation and owners of homes that are not built on compliance with the building codes can also make an application for this grant.
The income of the applicant or household and the sale price of the proposed home, must not exceed the limits specified. Even bad credit may not matter, in getting qualified for these grants.
Government Programs for Assisting First-time Home Buyers
So, there are various programs that are introduced by the government, to assist first-time home buyers, who find it difficult to buy a home, due to financial shortage. The most popular among them is American Dream Down Payment Initiative (ADDI), which sanctions around $200 million in grants each year. This program, which was aimed at providing assistance for down payments, closing costs and rehabilitation projects, has a maximum limit of $10,000 or six percent of the home's purchase price, whichever is greater.
You may also opt for a government-backed FHA (Federal Housing Administration) loan. In such a case, you may get eligible, if you have a credit score of 680, whereas conventional financial institutions may require a score of around 720. For procuring a loan from the latter, you have to cough up 20% of the purchase price as down payment, whereas in FHA loan, it is only 3%. Though, this is not a grant in the true sense, this scheme is also of much help, as far as first-time home buyers are concerned. You may also find other such programs, like the Emergency Shelter Grants (ESG) program, Community Development Block Grant (CDBG) Program, Home Investment Partnerships Program, etc. The terms and conditions and eligibility criteria differ with individual programs. So, it is always better to understand them, before choosing a program and applying for it. 
The above said is only a brief overview about government grants for first-time home buyers. Though the basics are applicable for all, you may also find certain exceptions. The clauses may vary with individual applicants. So, it is always better to gain some knowledge about the same, with the help of an expert. Visit the U.S. Department of Housing and Urban Development (HUD) website and take a look at the programs available in your area. Choose the one that is best suited for you. Ensure that the funding under the chosen program is still on. Locate the property to be purchased and apply for the grant. If you are eligible for a mortgage, then apply for it too. Visit the local office of the HUD for assistance. You may either download the application form from the website or get it from the local office. Fill and submit the form with the necessary documents.

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