First Time Home Buyer Grant Programs | First Time Home Buyer Programs
First-time home buyer grants have income and purchase limits that vary from state to state and county to county. For example, the California Housing and Finance Agency income limits for the California Homebuyer’s Downpayment Assistance Program in San Francisco ranges from ,000 to 7,000, depending on the number of people in the household.
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.
There are some things you should know about government funding of a new home:
The federal government does not give housing grants directly to individuals. The funds are given to states and certain municipalities, who in turn, distribute the funds to residents.
No grant will cover 100% of the cost of a house.
The government will not give a grant to anyone who cannot use it toward a mortgage; therefore, qualification for a mortgage is necessary.
Any program the federal government has to assist first-time buyers in a home purchase will require that you attend a HUD approved Housing Counseling class. They help people get their finances organized so they will qualify for a mortgage.