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First-time home buyer grants can be an extremely valuable asset to those that qualify. Many people can benefit from these programs but they do not know how to get access to them. There are several mortgage programs that will give you low interest rates and low down payments. In addition, you can also get access to first-time home buyer grants. These grants are basically going to give you free money that you can use in order to make a down payment on the purchase of a house. This money is not a loan and it does not ever have to be repaid.
Find a Lender
The first part of this process is going to involve finding a lender that you can work with. There are many mortgage lenders. In many cases, you will want to find one that offers help for first-time home buyers. You can find lenders online or visit your local bank and ask questions.
Once you have located a lender that you can work with, you will want to apply for a loan. You will need to apply before you can start looking for grant programs to work with. This process usually goes pretty quickly and you are basically just going to have to fill out some forms. When you fill out the loan application, you should let your lender know that you are going to look for grant programs. They may be able to recommend a program for you.
Locating a Grant Program
The next step of the process is to locate a grant program that you can work with. There are many grant programs out there for you to work with. Many of them are available on the state level, while others are provided on a local level. In order to access a list of these grant programs, you can visit the HUD website. They have a comprehensive list of the grant programs that are available. They will allow you to search for the grant programs that are available in your particular area.
After you have located some grant programs for your state, you will then need to apply for them. Most of the time, you can access them directly through their website. They are usually easy online forms available or you may have to complete a document and send it to them along with your credit documents. At that point, they will review your application and decide if they are going to give you a grant.
If the grant program decides that you are a worthy candidate, they will approve your application. They should notify you of their decision within a short period of time. If you are approved, they will review the terms of the program with you. Usually the transfer of the money is handled at closing and you will never come into contact with the money.
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