Definitions

home buyer

First time home buyer grant

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.

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.

Funding for various state first time home buyer grants is nearly always available. In fiscal year 2006, only two states exhausted their budgets for first time home buyer grants.

A similar program is on offer in Australia, where First time home buyers can receive a $7,000 once off payment.

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