Free Government Grants For Minorities For First-Time Home Buying
The good news for everyone considering buying their first home is that government minority grants for first-time home buyers are available to ease the financial pressure. The grants are worth up to $15,000, which should be sufficient to secure under 10% of the property value in most cases.
Even for properties expecting higher down payments, this lump sum is enough to make a significant difference to efforts to save the required amount, making home buyer government grants a lifesaver for many young people.
While the stresses traditionally associated with property buying are not completely lifted, it is clear that the arrival of grants that aid buyers are equally beneficial to the realty sector too.
Why a Down Payment is Necessary
The main advantage in putting money down on a house is that it reduces the actual mortgage that a borrower needs to complete the purchase. For example, if a home is worth $150,000, then a 10% down payment would reduce the necessary loan to $135,000, thus reducing the principal owed, the monthly repayments and, in some cases, the interest rate charged. These government grants allow a $15,000 payment to be made.
And in a market so badly affected by the economic crisis of the last few years, grants that aid home buyers mean that full advantage can be taken by borrowers looking to buy now while house prices are low.
Problems for First-Time Buyers
The reason why government minority grants for first-time home buyers are so beneficial is that the issues surrounding saving large sums of money as a down payment are simply by-passed. In the current economic climate, getting $15,000 together in order to pay for a 5% or 10% share of a new property is not easy at all.
This problem is worsened by the fact that bad credit ratings, which a large percentage of the American public have developed through no real fault of their own, hinders the chances of getting financing.
And for young couples and families, these grants are the only way to secure the type of financing needed to buy a property, while also meeting their monthly obligations. So, grants that aid home buyers are very welcome indeed.
Government Grants Explained
The purpose of government grants for first-time home buyers is to help to get the realty market back on its feet. It can be very difficult to get onto the property ladder when no property is owned in the first place. And often, it is the down payment, and not the actual mortgage, that is the problem for first-time buyers.
They are designed to remove that hindrance by providing $15,000 towards a down payment on the property to be purchased. Once that is placed, then the route toward a 90% or 80% home loan is opened, and the chances of getting approved are greatly increased.
There are two chief advantages to grants that aid home buyers. Firstly, it is not the same as a loan in that is does not need to be repaid. This means that it is effectively getting a down payment for free. And secondly, the grant ensures that from the very beginning, the home buyer possesses equity in the home, worth around $15,000.
Clearly, the availability of government minority grants for first-time home buyers is a major boost for everyone seeking to buy their own home for the first time. And, once on the route to home ownership, the challenge of meeting the mortgage repayments is the chief concern.
Visit to - http://minority-grantmoney.blogspot.com
Article Source: http://EzineArticles.com/7015022
Tags - funding for minority museums in florida,2012 minority first time home buyer loans nyc,black minority business grants,first time home buyer grants for minorities,minority getting the proper education,ms minority funding first time home buyers,private grants for small business start-up,tennessee first time home buyer programs $25,000,women first time home buyers program massachusetts 2012,assistance for first time home buyers in ny and minority,do women qualify for minority loans, grants ect,fha 1st time buyers programs offered for minority,first time home buyer assistance new york nurse rn,first time home buyer minority,first time minority home buyer,free business grants disabled,free government grants for personal use,free government money for minority women in uk,free grant money for personal use from people,free grants for personal use,free money for black small business startup,frist time small business start up grants,grants and scholarships for women,grants for disabled minority black elderly women,housing grants for african american women first time home buyers,illinois african american first time home buyers grants,president obama 1000.00,how to apply for obama 1000 dollar give away,personal government grants,government grants obama relief for the poor,obama pays 1000,did obama give every household 1000 dollars in 2012,is there a 1000 grant from the government to help pay bills,is obama giving away money,1000 grant to pay bills,is obama giving 1000 dollars for bills,obama goverment grants up to $1000,government pays 1,000 on bills,obama grant for energy bill 2012,one thousand dollar payment by obama,single mother grants for bills,obama money $1000 pay bills,is obama giving away money,free $1000 from government in mn,is obama giving away money,obama to give away 1000,Obama free $1000,federal assistance $1000 to pay bills,thousand dollars to pay bill obama,Grants For Singapplyonlinegrants.blogspot.com,Is the government giving out $1,000 to pay bills,grants for free,1000 dollars from obama,how to apply for obama $1000 to pay bills,Is the government giving out $1,000 to pay bills,is obama giving away 1000 bill money,how to apply for obama $1000 to pay bills,government 1000 bill payment from accounts july 2012,Is Obama really giving out 1000 dollars for bill relief,how to apply for obama $1000 to pay bills,obama money $1000,obama1000pay
www.oboma 1000,obama giving away money to pay bills,obama help pay bills,1000 dollar grants,pay bill with obama 1000 credit,president obama $1000 assistance program,obama gives us $1000,is obama giving away money,president obama $1000 assistance program,free money to pay off student loans,1,000 dollars to pay your bills,did obama give people money to pay bills,is obama goving people a thousand dollars for bills,free money to pay off student loans,obama care giving a 1000 for bills,free money to pay your bills,obama 1000 dollars grant money,free money to pay your bills,student loans for single mothers from government,obama paying up to $1000 in bills,Obama 1000 give away,is obama giving everyone 1,000 dollars,apply for pell grant 2012 online,free scholarship grants online,free government money to pay bills.
No comments:
Post a Comment