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Today we are talking about a grant program called the National Housing Fund. It’s a nonprofit run program for home buyers, and it offers them grants to use towards purchasing a house. Since this is a “grant” by definition, you don’t have to pay a cent of it back. But what’s the catch? We’ll explain everything for you today.
This grant program is designed to give you up to $20,800 towards buying a home with no stipulations attached to it. The National Housing Fund is a nonprofit, set up by the US bank in 2006. They have funded over 20,000 of these loans so far. The way I look at it is as an incentive for you to use their loan programs. Why would you use this loan program over another? Well, it’s free money! The interest rate for this loan is relatively low as well, with a 4.5% 30-year fixed rate.
If you don’t have the money for a down payment of closing costs, you can use this program to get into a house with $0 down. If you do have money in your pocket, keep it there and let the grant program pay for some of your principal.
To qualify for this grant, you do need to meet a few requirements. The first is that you make less than $103,000 as an individual. You will also need 3 years of verifiable income, and a credit score of 640 or above. To qualify, all you have to do is give us a quick call or email and we can get you in touch with a lender who will let you know if you qualify, 99% of the time, people do.
If you want to learn more about this program, check out this website. You can also give us a call or shoot us an email with any questions! We look forward to hearing from you soon!
