August 2, 2011
Firs Time Home Buyer Grants – Free Mortgage Assistance
Buying a new home is both exciting and scary, but first time home buyer grants can provide a little help with your down payment of Mortgage Assistance and relieve some of the financial pressures that comes with buying a new home. New home owners are often surprised to see exactly just how much cash is needed in order to buy their new home. If you underestimated or are coming up short, obtaining first time home buyer grants is a great way to quickly come up with the money needed when buying a new home.
There are many forms of real estate and home mortgage grants, but the most popular seems to be grants for new home buyers. These grant programs typically help by providing down payment assistance or help with closing costs. By accessing these funds and seeing if you qualify, you could not only get help with coming up with the cash needed to buy a new home, but you could build instant equity in the ownership of your house.
Mortgage Assistance grants can be offered by federal, state or local government agencies.
There are also hundreds of private foundations that offer free grant money to help individuals. Because there are so many resources and places to find and obtain these funds, it can be confusing as to where to start. That’s especially true since these programs are not typically advertised.
The great thing about receiving a grant is that these are funds to help you with your down payment or mortgage that never have to be paid back. Because there is no repayment, often times applying for a real estate grant does not require a credit check, income verification or any kind of collateral. There are specific terms you’ll need to agree to, such as owning your home for at least 3 years, but otherwise the money is provided to help you with your purchase.
In return for tax payer assistance Fannie Mae is obligated to provide mortgage relief to struggling home owners including mortgage refinance and loan modification programs. These programs alter mortgage contracts to lower rates and monthly payments. If you are behind in your home loan payments you can get in touch with Fannie Mae directly. They will assist you in determining who is the owner of your home loan and how to receive assistance.
Learn more about Obama Mortgage Relief Plan Qualifications.
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