(MoneyHippo.com) – People interested in buying a home for the first time likely want to save money wherever they can. However, they may not know there are grants to help first-time homebuyers purchase their own house. A grant is a set amount of money the recipient never has to pay back, so it’s essentially free. All you have to do is qualify and apply.
Bank of America offers two such grants covering part of the closing costs and the down payment, which can save you a bundle. The programs give up to $7,500 toward closing costs and as much as $10,000 to help with the down payment.
Chase offers grants to low-to-moderate income earners to help cover up to $2,500 of closing costs. However, they could also allow you to apply the money to your down payment.
The federal government also has programs to assist first-time homebuyers in purchasing a house or apartment. The HomePath Ready Buyer program from Fannie Mae offers up to 3% of the home’s value to apply to closing costs. For a $300,000 home, that could be $9,000 in free money.
Another program to investigate is the National Homebuyers Fund, which could net you up to 5% of the home’s value for closing costs in grant money.
While looking into the possibility of owning a home, be sure to check out available grant programs to see if you qualify.
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