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Do you know someone who is planning on buying a new home? First time homebuyers may qualify for a government grant that will help them make this big purchase. These grants are free money that can help future homeowners make a down payment on their new home or help them with the closing costs. The money received from these grants does not have to be paid back.Different government agencies handle first time home buyer grant applications in different ways. Depending on the funds grated in your area, there are different amounts of money available. Search a current grant directory to find out what first time homebuyer grants are available to you. You can also research the process of submitting an application.After you have been approved for this grant, you may get the money is just one week. Usually the money will be sent directly to you and other times it is credited to your mortgage. This grant is not dependant on a credit check and no collateral is needed, but you will need to prove your home offer has been accepted and that you have negotiated a mortgage. Sometimes the requirements do change, but this is the general process.The actual terms of the grant also vary. Sometimes it is expected that you will have been the homeowner for at least three years. If you do not keep the home for three years, you might have to repay the grant. A grant directory will help you find the best grant for your particular situation.
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Source by Bryan Hendersen