Q:

What are some different types of homeowner grants?

A:

Quick Answer

Different types of homeowner grants include purchasing grants, rent assistance grants and home improvement grants. The money available through these grants is usually determined by a number of factors like location, income and past grants received.

Continue Reading

Full Answer

The Department of Housing & Urban Development, or HUD, aims to provide affordable housing. They are also the most common agency in issuing house grants. Perhaps the most popular grant given is intended to help with the down payment of a home. Typically available for first-time home buyers, this type of grant can lower the monthly payment and give new buyers instant equity.

Rental assistance grants are handed out through HUD as well via Section 8 of the U.S. code. This type of grant helps with the rent on a unit. While it won't cover all of the rent, it typically does cover a majority of it. Factors that go into determining eligibility for a rental grant include income, the size of the household and any existing liabilities. There is often a long waiting list for this type of grant as it is very popular within cities.

Remodeling grants, while offered through HUD, are also offered through the Federal Emergency Management Agency, or FEMA. To be eligible for this type of grant through FEMA, proof of damage caused by a disaster is usually required.

Learn more about Real Estate
Sources:

Related Questions

Explore