Housing is a basic human necessity. The United States Federal grants for first time home buyers is an initiative by the government to help first time home buyers which aims at reducing the extra cost levied in the process of purchase.Provided below is an overview of the process to apply for grant opportunities. In order to apply for a grant, you and/or your organization must complete the registration process. Registration can take between three-five business days or as long as two weeks if all steps are not completed in a timely manner. Register for grant opportunities now. Apply Today!!
The economic recession or bubble, which hit the United States economy further aggrieved home buyers, as the recession had undoubtedly created an economic bubble in the real estate sector. Another important aspect was the burden of mortgage loan and home loans. In order to ease this burden, Federal grants have been implemented by the United States government for first time home buyers.

The basic process of home buying is simple and people tend to follow it, as if it's a convention. The buyer first short lists on a couple of properties that he is willing to buy. Then the buyer approaches the mortgage lenders who originate the loan. After the lenders take a credit report check, the underwriting process for the short listed properties is initiated. The underwriter points out to the property that has a better future equity raise projection. The buyer then pays the closing costs and undertakes the down payment, upon which the mortgage is approved and the property is bought.

Government Grants for First Time Home Buyers

Federal grants is financial aid provided by Federal government, State governments and United States Department of Housing and Urban Development, to first time home buyers, and broadly referred to as the housing grants federal programs. First time home buyers can easily avail such financial aid, as such funds are not meant for repayment.

The Federal government aims at eliminating such costs so that home buyers do not have to worry about down payments and closing costs. In some cases additional funds that can be used, or the first installments are also granted. Some of the important government grants have been elaborated here, take a look and apply through the department's website.
  • Grants for First Time Home Buyers: This grant is basically granted to those people who do not qualify for some or the other recognized mortgage loan. The usual amount that is approved is about 10% of the total home value. There are however some or the other qualifying requirements and requisites for this grant. The grant is provided through the Department of Housing and Urban Development.
  • American Dream Grant: This grant is also known as the American Down Payment Initiative. This government grant is aimed at taking off the down payment costs, initiated in the year 2003, it was authenticated by an enactment by the same name. The initiative was aimed at providing home buyers, with either 6% of purchase cost or with $10,000, whichever is higher.
  • Additional Home Grant Program: Community Development Block Grants (CDBG), Emergency Shelter Grants (ESG) and Housing Opportunities for Persons with AIDS (HOPWA), are some of the additional housing programs that provide grants to people upon the fulfillment of some requisite condition.
  • 203(b) Mortgage Insurance: Mortgage repayment is an important, issue for most new home buying. Such home buyers are granted a mortgage insurance policy by the HUDs, which helps and ensures the repayment of the loan.
In order to obtain Federal grants for first time home buyers, refer to the site of Department of Housing and Urban Development, or the state agency, for the same. You will get the requisites and application procedures over there.
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Federal Grants-Pell Grants for College

Federal Grants-Pell Grants for College

Pell grants, one of the most beneficial government grants for college students, technically came into existence in the year 1972, after amendment of The Higher Education Act of 1965. The main objective of providing pell grants was to give financial assistance to college students for getting education. Over the years, pell grants requirements as well as the pell grant amount has gone through significant changes. Pell grants for college attending students are a source of great support for those students whose families come under the bracket of low income families.
General Facts About Pell Grants
Pell grants are federal government grants and are governed by the US government. No private authority or private firm provides them as it is purely a government effort.
Pell grants are given on a yearly basis and hence, you can only apply during each year you plan to go to the college.
Pell grants needn't be returned unlike loans from private firms.
For the year 2010 - 2011, the Pell grant amount has been fixed to be USD 5,550. Nearly more than half the students receive half of this amount, owing to several factors.
It is purely based on financial needs of the student. A student with the highest requirement of financial aid gets the highest amount of money but not more than the fixed amount, that is, USD 5,550.
The United States Education Department decides a student's eligibility for pell grants.
Federal Pell Grants for College Students: Eligibility Criteria
Knowing all about the eligibility rules to get these grants is crucial so that you can decide if you chances of getting help through this grant. To avail benefits of federal pell grants in your college, you must know about the following:
A simple formula that is used to calculate financial need of a student is:
Financial Need = Cost of Attendance (CoA) - Expected Family Contribution (EFC).
Cost of attendance (CoA) is the total cost of education and expected family contribution (EFC) is what the family can afford to pay. The net amount is taken to be the parameter for financial need.
The maximum limit for threshold EFC is USD 5,273. This means families whose EFC contribution is less than or equal to USD 5,273 are considered for positive pell grant eligibility. Closer the value of EFC is to zero, more will be the chances of financial aid.
Most important requirement for pell grants is that the student must be pursuing his studies in an undergraduate program, or teacher or professional post-baccalaureate program.
The student must not have any poor records of penalization or fraud in a federal or state institution.
Applying for Pell Grants
To apply for pell grants, students have to visit the FAFSA website and fill the FAFSA, or Free Application for Federal Student Aid application form, that is the government's application form. You have to properly fill the form and ensure that nothing is left blank. Based on your application, your request for financial assistance will be considered. Just filling FAFSA form, doesn't qualify you for receiving the grant. In fact, after you've submitted the form, you'll be able to check SAR, or Student Aid Report, that is a document stating various eligibility criteria and EFC amount necessary for qualifying for the grant, in your specific case. Mention every detail asked in the form correctly as every detail is checked by the government. Don't attempt to hide any information as you may end up getting your application rejected. The Student Aid and Fiscal Responsibility Act, or SAFRA in 2010 introduced certain changes in pell grants rules. As stated earlier in this article, the pell grant amount has been raised for 2010 - 2011. Some other major changes are that, based on the parameter, Consumer Price Index (+1%), the pell grants for college amount will increase, starting from 2013. Moreover, pell grants may see more overhauling and changes every year, from 2010 onwards.
Pell grants for college students are one of the best grant programs in existence, till date. Students must be realistic while applying for this program. They must not forget that financial need is the major criteria. Hence, the student's income (if he is working) and the student's parents income (if the student is dependent on them) are vital parameters to be get pell grants. After you're aware of all points about these grants, apply for these grants and secure your education.

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