How to Complete an First Time Home Buyer Grant Application

A first time home buyer grant application should only be filled out if you understand how and when the grant will be distributed. First, it is essential to not these grants to not help with the actual purchase of a home. The funds are intended to cover only a portion of the initial purchase expense, which typically includes down payment and closing costs. You will need to have a mortgage lender willing to fund the rest of the purchase in order to take advantage of a grant. If you have located a mortgage, then you can proceed with steps for a grant application.

Locate Grant of Choice

The first thing you need to do is locate the grant you will be applying for. First time home buyer grants are funded by both federal and local governments. However, they are only distributed on a local basis. As such, you need to find the program in your area that fits your needs. You can locate appropriate home buyer grants at the HUD website. From the main page, select your geographic area for more information on the types of grants available to you. There are statewide grants as well as local programs, and all should be listed on this one site. Remember to look into requirements for each grant. Some will be extended to individuals with low-income backgrounds; others will be for rural redevelopment. Find a program that describes your situation.

Determine Dates and Necessary Information

It is very important to pay attention to the funding cycle for a grant. The grant programs are funded annually, and they are distributed until the grant funds run out. You will need to know the dates when you can begin submitting an application. You will then need to pick up an application from your local HUD office. You may be able to download appropriate forms online, but this depends on your grant program and local area. It is essential to look over all the materials required of you in order to make sure your application is complete. Incomplete applications may be dismissed or delayed. You will likely need to attach supplemental information, such as a tax schedule, in order to verify financial statements. 

Apply Early

Many people do not realize grant programs run out of funding. The fact is: they are distributed until they are entirely spent in a given year, and then no further applications are accepted. It is essential to apply early if you want a grant. Your application should arrive the day funding opens up, if possible. You are competing for grants with hundreds or thousands of other applicants. Getting your application in first gives you a tremendous leg up in the process. Since your application cannot be considered unless it is complete, you will only have a good chance at the grant if you turn in a perfect application as early as possible. There are enormous benefits to these grants if you succeed in attaining one. Doing so is hard work, though, and you should be prepared for the grueling application process.