State Bond Programs
Thinking About Using Grant Funds To Purchase A Home?
Most grants are typically First Time Home Buyer programs and the grant underwriter provides a subsidy to be used to purchase a home. Many times geographic restrictions, income limits and/or maximum amounts apply. Oftentimes, the subsidy is a grant which must be repaid if the participants do not own and occupy the home as their principal residence for a period of time as mandated at the time of closing. Participants are responsible for all costs above the subsidy.
How to Find a Grant Program that works for you:
- Find out what funding is available in your area. Contact HUD, search for non-profit organizations in your area, visit your local government, or search the government grant database for home mortgage grants.
- Closely review the eligibility requirements. Some home mortgage grants may have very little limitation, while other programs may require a credit check and income verification. Some may require classes or counseling.
- Once you have identified the home mortgage grants that you may qualify to receive, submit your application to the appropriate agency. Turn around time could be anywhere from 48 hours to several weeks, on average you could expect to receive an answer in a couple of weeks.
Grant Programs Supported by Homestead Funding Corp.:
- Connecticut Housing Finance Authority (CHFA)
- Florida Housing Finance Corporation (Florida Housing)
- State of New York Mortgage Agency (SONYMA)
Grants may be subject to the following: Income or income ratio restrictions may apply. Geographic location restrictions may apply. Loan product may be subject to grant terms. Homestead Funding Corp. does not award grant money or make the decisions about who receives grant funds. This is merely provided for informational purposes in order for potential borrowers to contact grantees.