Jun-2-2008
Where can I find information about government grants for home loan downpayment assistance?
I applied for a grant for downpayment assistance on a house. Some woman keeps calling me asking me for personal information. I asked her for a web address to verify she was legit. She keeps giving me 2 different websites that don’t exist, and the number she gives me to call no one answers, only a recording. How can I find a legitimate grant program for downpayment assistance for a house?
rThe best thing you can do is work with a licensed realtor. They will know what grants/loans and or any other extras that can help you. Use a reputable company with a realtor you can meet face to face. There payment is the commission on the sale so you save out of pocket expenses. goapply.com can find you local lenders too.
Good luck! Your dream house in not far away. Don’t give anyone personal information by phone.
Go to the following websites for Federal grants:
You should also check with your state’s Office of Housing and with your county or city.
Mrs Nance,
the woman is tiring to steal your identity!.
Never give any one your info over the phone.
now to get to the real problem.
if you need assistance for a down, you will be foreclosed on within next 2 – 5 yrs. how dare i say that well . you don’t have the money saved for the down = you are not making Good money or you do not know how to manage money.
the bankers will try to get you into a mortgage that only works for you if (and thats a big IF) everything goes perfect for you and family.
the mortgage problably will not figure rising costs, layoffs , downsizing, kids braces, credit cards unanounced increases, etc. etc..
they problably will get up some shaft you mortgage type that they win – you lose.
best for you is fixed rate 15 yrs (maybe 30),
no balloons, variables rate , 80/20%, zero interest and other gabbage no available.
never get a mortgage that requires more than one week’s take how pay (net pay).
you will be surprised how many other expenses are house related.
visit daveramsey.com to you get creamated.
get on of th ‘Dummies’ books on house buying.
if you think this is harsh, don’t do it and an associate of mine will visit you at the worst time.
There are many websites and companies that are preying on people’s desire to get hold of some mythical free money. That woman is definitely just trying to scam you. I hope that you won’t fall into her scam and give her your information especially financial and banking info.
I suggest you check out non profits, who are the recipients of most housing grants. Check out Habitat for Humanity.
Also visit the Nehemiah Corp as they have a downpayment assistance program for qualified lenders
The Housing and Urban Development in their Grants Available page makes it clear that they do not provide grants to individuals — hence no grants for a person to buy a home
“While HUD does not offer direct grants or loans to individuals, we do work through local governments and non-profit organizations to make financial assistance and counseling available.”
You can go to the Catalog of Federal Domestic Assistance (CFDA) and Grants.gov – these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.
Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently.
Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
The government is NOT in the business of giving away free money for the sake of giving away money. Grants are free, but it means OBLIGATION. You will be obligated to do as the grant sets out to do. Grants have objectives, and your purpose must fit the objective of the grant.
For one, you have to write the grant application and the grant application is not a simple document – you have to explain how your purpose for applying for the grant fits well with the objectives set out by the grant. Grants have objectives, and the grant applications that best captures the grant’s objectives are approved.
There is a stringent review process through a committee composed of federal employees and selected experts in the field. You will compete with other applicants for the grant money, and this grant review committee will evaluate the merits of each proposal. Only those that they feel exemplifies the objective of the grant will be approved.
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