First time home buyer grant

From Wikipedia, the free encyclopedia

This article may not meet the general notability guideline or one of the following specific guidelines for inclusion on Wikipedia: Biographies, Books, Companies, Fiction, Music, Neologisms, Numbers, Web content, or several proposals for new guidelines. If you are familiar with the subject matter, please expand or rewrite the article to establish its notability. The best way to address this concern is to reference published, third-party sources about the subject. If notability cannot be established, the article is more likely to be considered for redirection, merge or ultimately deletion, per Wikipedia:Guide to deletion. This article has been tagged since April 2008.

A first time home buyer grant is a grant specifically for/targeted at those buying their first home — perhaps a starter home. Like other grants, the first time buyer does not hold an obligation to repay the grant. In this respect, it differs from a loan and does not incur any debt or interest. Grants can be given out by foundations and governments. Grants to individuals can be either scholarships or donations.

First time home buyer grants are typically awarded based on a few criteria, primarily financial need and income qualifications.^{[citation needed]}

Many states have initiated grant programs to help lower income residents with the purchase of their first home. The United States Department of Housing and Urban Development (HUD) also provides grants to first time home buyers.^{[citation needed]}

Funding for various state first time home buyer grants is nearly always available.^{[citation needed]} In fiscal year 2006, only two states exhausted their budgets for first time home buyer grants.^{[citation needed]}

A similar program is on offer in Australia, where First time home buyers can receive a $7,000 once off payment.^{[citation needed]}