Anyone looking for grants for new home buyers has surely seen the advertisements and scams, zero down, good or bad credit or the best one to date, buy a government home for $1.00. You’d be surprised to learn that all of those advertisements are somewhat true. But it’s the “somewhat” that you should be aware of.
Yes, you can buy a home for zero down, that is if you qualify for the dozens of county, city or state grants for new home buyers and if you’re willing to move to a revitalization zone.
Every state has a revitalization zone that encourages people to purchase and improve the home to bring vitality back to the community. Many people think these grants are usually put aside for businesses to purchase commercial property to bring jobs to specific areas and while that is also true, every state offers the same grants for new home buyers to move into low to moderate income areas and promote growth.
You could be looking at a 3-6% grant for new home buyers as a means for your down payment or closing costs. So how do you find out if your state has any grants for new home buyers? Start by going to HUD’s website and see what if any programs they offer. Next, search your state government website for new home buyer programs and there are plenty!
As for the government selling you a home for $1.00 – well, if you are a non profit organization that helps low income and under privileged individuals find housing or become homeowners then you just might be in luck. HUD offers this program, not to individuals but to not-for-profit agencies looking to build up communities and help deserving individuals realize the dream of home ownership. Many ads will have you believing you can purchase a home from the government for $1.00 and then they entice you to purchase their guide and learn all the “inside secrets.” With a little time you can go to the HUD website and learn about the $1.00 down.
And last but not least, how do you buy a home with bad credit? Well, come to find out, it’s not impossible – difficult and expensive but not impossible. These bad loans, sub prime loans, promise your unborn kid loans is one of the reasons many people don’t have a home anymore but there are hard credit loans out there.
Most of these loans are meant for investors and come with a very high interest rate. Hard money loans and bridge loans are the brain child of venture capitalist. That’s right, all private money and no banks allowed. These are high rolling investors looking to gamble on your bad luck at anywhere from 13 to 20 percent.
For the most part, anyone is able to get what they want. Money is available for anything. You want a home? The government has ways to move you in with little to no out of pocket funds. Is bad credit your problem? There are investors willing to part money to fulfill your dream.
I suppose you can get anything you want if you just keep looking.
